2017 has been a remarkable year for cryptocurrencies, especially for Bitcoin whose value rallied to a record high above $19,800 during third and fourth week of December.
However, the value of Bitcoin fell down by over a third in just few days last week, sinking to only $11,000, where cryptocurrency market lost around $200 billion. The current value of Bitcoin is around $16,000, as per Coindesk.
“I think we’re going to see bitcoin hitting the $60,000 mark, but I also think we’re going to see bitcoin hitting the $5,000 mark,” said Julian Hosp, co-founder of fintech company TenX, to CNBC. “The question is though, ‘Which one is it going to hit first?'”
Many cryptocurrency experts and governments have already warned the people investing in Bitcoin, because it can cause a huge loss which the market participants refer to as “bubble bursting”. Moreover, nobody is accountable for Bitcoin, neither there is any central bank behind it. Jamie Dimon, the CEO of JPMorgan Chase, called Bitcoin a fraud.
But Julian Hosp, who sees Bitcoin more as digital gold, called the recent lows a perfect opportunity to buy more Bitcoins.
“For experts that have been in the market, this was actually a welcome dip. This dip for us was very, very healthy, and some of us have used it to buy a little bit more because suddenly we had 40-45 percent discount to all-time highs,” he added.
“I don’t think it’s going to be a bubble that’s just going to burst and everyone is going to lose their money, but I think it’s going to be that all the coins and all the assets with very little use or value are going to get sorted out. The money is going to flow into those assets in this cryptocurrency space that really deliver value, have new technology, and are being used by people.”
According to a report by Fortune, the jobs on LinkedIn related to Bitcoin and blockchain have risen by around 300% after Bitcoin rebounded past $16,000. Bitcoin has attracted a lot of investors to the digital currency, and Bitcoin’s next year price is heavily anticipated.