BitMEX Co-founder Insists that Bitcoin will Reach $50,000 by the End of the Year
July 2, 2018 12:28 pm
Bitcoin’s Price is continuously falling after its hike in December 2017. Few investors and Predictors are predicting that price of Bitcoin will dip more. But Bitcoin bull Arthur Hayes told the famous cryptocurrency would reach $50,000 by the end of the year.
The co-founder, and CEO of BitMEX, said:
“Bitcoin’s price has been on a wild roller coaster with investors, but something that goes up to [around] $20,000 in one year can have a correction.”
BitMEX, or Bitcoin Mercantile Exchange, is the largest cryptocurrency trading platform by volume.
In May, Hayes told CNBC that bitcoin would reach $50,000 by the end of the year. He remains bullish on his prediction about the coin, notwithstanding a large decrease in the digital currency’s price.
“We could find a bottom in the $3,000 to $5,000 range. But we’re one positive regulatory decision away, many an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year.”
It’s not only Bitcoin’s weak time, other cryptocurrencies such as bitcoin cash, ripple, ethereum also facing the price fall following bitcoin. But he pointed out the volatile nature of bitcoin and the potentiality to grow that makes investors attractive.
He added that with more people in the market comes more capital and the possibility for faster hikes in price. ‘We’ve done these kinds of moves before.’
“Now that we have more visibility, more people talking about [bitcoin], the time between an aggressive bear market and an aggressive bull market, I think, is going to shorten.”