Fluctuating OpinionsIn the financial sector, it seems that there have been competing opinions on the cryptocurrency space. Just last week, JPMorgan announced that they will be offering Bitcoin futures set to launch in two weeks on the Chicago Mercantile Exchange. Many of the major European banks have been on opposite spectrums when it comes to supporting or bashing Bitcoin. What’s most exciting about this the current JPMorgan news is their CEO, Jamie Dimon, has been consistently in the news for slamming Bitcoin calling it a “fraud” but now his company, will be participating in the upcoming futures trades.
Right Direction?When and if the stream of institutional investors start dipping their toes and invest large amounts of capital into cryptocurrencies a few of those predictions could be made true. Tom Lee, a 25 year Wall Street strategist, predicted back in August that Bitcoin would reach $6,000 by mid-2018 and in five years would reach $25,000. When a lot of regulations hit at the beginning of September, he held his ground on predictions despite being widely criticized. Lee’s prediction of $6,000 back in August now seems extremely conservative, whereas Mashchenko’s belief now is that Bitcoin will reach $10,000 by the end of 2017. “We could see a Bitcoin at $10,000 in a month or so. However, such a surge will be based on emotions, not on fundamental factors. So, further growth of the cryptocurrency will require something more than euphoria.”
Source: CoinMarketCapHis predictions do not seem far off, seeing as Bitcoin has surged in price over $1,000 in just a couple of days. At press-time Bitcoin is trading at $9714.02 and up 3.78% for the day. At the rate of its current growth, Mashchenko prediction could happen within the current week. Featured Image: Depositphotos/© SergeyNivens