Bitcoin could surge to $50,000, Cryptocurrency market could hit $1 trillion this year

According to Jamie Burke, CEO at Outlier Ventures, Cryptocurrencies could go on a bull run much greater than what we saw last year and could pass the trillion-dollar value mark. Despite of the fact that we have seen violent sell-off across digital coins, it is not the first time Bitcoin had a terrible price free-fall but it not only recovered from its position but also bounced back stronger than before.

Thomas Glucksmann, head of APAC business development at cryptocurrency exchange Gatecoin, told CNBC.

Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market’s rebound and push cryptocurrency prices to all new highs this year.

He also said;

“There is no reason why we couldn’t see bitcoin pushing $50,000 by December.”

One possible appetizer for the bulls, or the catalyst for the recovery, will be the release of another cryptocurrency backed instrument listed on a major exchange. There are several candidates in the pipeline, it’s only a matter of time until we have a cryptocurrency backed ETF (exchange-traded fund).

Via: CNBC