Bitcoin has experienced a lengthy period of stagnation subsequent to the late 2017 all-time high of $20,000, with the most valuable cryptocurrency failing to challenge the $10,000 mark the first half of 2018. ADVFN CEO Clem Chambers, however, believes that Bitcoin is destined to climb beyond the dizzying $20,000 heights of the 2017 bull run, but not before the token drops further in value first.
In an interview with the Express at the CryptoCompare MJAC Blockchain Summit, Chambers — the CEO of financial data and services platform ADVFN and Forbes financial journalist likened the inception of blockchain technology to that of the internet itself:
“The blockchain will be the way of the future which will be like the internet was to the generation before. Bitcoin will probably be part of that future in the long term.”
Speaking 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 — but there’s a catch:
“Will bitcoin go back over from its previous high? It will probably hit $2,000 before it hits $20,000. But will it hit $20,000? I think so. Will it hit $100,000? I think that’s quite likely.”
Cryptocurrencies “Fill a Vacuum”
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:
“They are not creating enough money to make the world go around. The cryptocurrencies are filling that vacuum. Because that’s an economic suction going on there and the cryptocurrencies are filling that vacuum. It will generate an economic lift.”
Bitcoin Bounces Back
The price of Bitcoin has bounced back from a recent minor price slump, with markets responding positively to news of favorable regulatory movements from Switzerland. Bitcoin prices climbed 10% subsequent to the announcement that Swiss politicians are moving to allow cryptocurrency platforms to work directly with banks, with the Swiss central bank and federal government shifting toward a cooperative posture.
Heinz Tännler, finance director of “Crypto Valley” Zug Canton, commented on the change in regulatory sentiment:
“Time is pressing — other jurisdictions such as Malta and Singapore are very active and making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage. We have to push certain national institutions to resolve this problem quickly and effectively, but that now seems to be going well.”
The announcement of crypto-friendly regulation in Japan and South Korea has also exerted a positive force on Bitcoin prices, with the Japanese FSA considering revisioning restrictive cryptocurrency exchange regulation alongside a South Korean government that will see the implementation of an industrial classification system for blockchain technology.
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