The cryptocurrency market has come surging back over the past week, moving up 15% from its lows; it seems that Bitcoin has been on a mini-revival. But in recent months Bitcoin has dropped in price after reaching highs of almost $20,000 in December. Clem Chambers, CEO of ADVFN believes that BTC could reach $20,000 again.
Clem Chambers, CEO of the financial data provider, spoke to Express U.K. elaborating on his opinion on the direction of the cryptocurrency market “It will probably hit $2,000 before it hits $20,000.” He further stated that Bitcoin “is quite likely’ to eventually hit the $100,000 price level.
On the future of Bitcoin, however, Chambers predicts that the cryptocurrency will push far beyond 2017’s all-time high of $20,000, moving toward $100,000 and beyond. A $100,000 Bitcoin, states Chambers, will be the direct result not of increasing demand for decentralized currencies, but due to a need for more currency in general.
According to the financial expert, there’s a “shortage of actual money in the world,” creating a void that will be filled by Bitcoin and other cryptocurrencies. Chambers tries to explain how bitcoin could be lifted.
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He claims; “They are not creating enough money to make the world go around. The cryptocurrencies are filling that vacuum.” The insufficiency of currency provides for an “economic suction” in the real world that is being filled by the cryptocurrency and this will invariably “generate an economic lift”.
He, along with other CEOs like Jack Dorsey, Steve Wozniak believes that BTC could be the future currency. “Bitcoin will perhaps be part of that future”- Chambers.
Bitcoin price has lost more than 60% of its value but it shows a boost after it was revealed that Switzerland could yet become the global capital for crypto along with the rising industry getting full admittance to conventional banking services by this year-end.
As per sources, Switzerland’s cryptocurrency could have full access to conventional banking services by the end of the year and it is supposed that such mainstream business support is likely to galvanize institutional investors into the market.
Though after all the predictions Bitcoin still manages to face criticisms from experts like Bill Gates and Nouriel Roubini. According to Roubini, Bitcoin is “utterly idiotic” to replace flat currency whereas Bill Gates comments that he would bet against the Bitcoin and short it if he could. Let’s all wait and see how the predictable future works for the cryptocurrency.