Bitcoin has the worst start to the year 2018 as the cryptocurrency saw the free-fall and raised warning shots to many investors who invested heavily when the price was over $15,000 last year.
The price below $6,000 for the first time in 2018 because of multiple factors. The attributes such as great Firewall of China signalling it would block access to the cryptocurrency trading market, india regularizing their exchanges, major credit card companies refusing to accept payments transaction for the cryptocurrency has resulted in the price dip of Bitcoin.
Independent cryptocurrency analyst Ronnie Moas says Bitcoin’s value could reach upto $100,000 if it maintains its current market share.
Despite of Bitcoin current price fall, it could still end up being a profitable investment if a large amount is invested in stocks and Gold that could find its way into cryptocurrency.
In an interview with CBC, he said
We have $230 trillion right now in the world tied up in stocks, cash, bonds, and gold. All four of them are overvalued. Ronnie Moas
If two percent of that $230 trillion finds its way into cryptocurrency, you would be looking at a $4 trillion market valuation thirteen times where we are today.
It would put the bitcoin price at $100,000 a few years from now if it holds on to its current market share of 36 percent.
He also said;
I don’t think people should put all of their crypto money in bitcoin, quite the contrary. I don’t think anybody should have more than 20 to 40 percent of their money in bitcoin because just like MySpace got knocked out, bitcoin could get knocked out.
Look at what Amazon has done to the shopping malls. You do have to be diversified but I think bitcoin will remain at the top of the mountain and there is room for more than one cryptocurrency in that space.
Via: Express UK