Blockchain’s Phoenix to Rise Again
The crypto craze seems to be over just as the period of what could seem like an unstoppable rally long deceased. With the cryptocurrency market losing almost 75% of its value since December 2017, mainstream news outlets seized to recognize the importance of Bitcoin and its minor peers as investment tools.
There are, however, people who even in the cryptocurrency industry’s darkest hour believe there is some steam left in both Bitcoin and altcoins.
Famous Bitcoin bull Mike Novogratz believes the world’s premiere cryptocurrency is approaching another period of remarkable growth. According to him, the period of decline, observed for 9 months straight, will soon be replaced with a newborn bullish trend.
Although no expert can be 100% accurate and should not be trusted blindly, Michael Novogratz is known as an ex-hedge fund manager, Goldman Sachs partner and a man who has made his first appearance in the Forbes billionaires list back in 2007. Such a track record certainly adds weight to his statements.
Wide adoption of Bitcoin by well-known international companies and smaller enterprises alike seems to be the primary driver behind the expected price surge. Even more, companies can be expected to follow their suit in the foreseeable future out of fear of missing out (or what is dubbed in Crypto-talk as FUD). As a result, Bitcoin has a chance of becoming an essential part of people’s portfolios. The higher the demand, the higher the potential BTC price.
“Starbucks and Microsoft will allow you to use Bitcoin. As you see more adoption of just people being comfortable with it, it feels like it’s going to go up,” said Michael.
Gold has remained the store of value for centuries, if not for millennia. Novogratz believes Bitcoin is also destined to become a store of value sooner or later. Wide adoption and institutional changes always seem favorable for Bitcoin and the rest of the cryptocurrency industry.
But what kind of a rally can we expect? How much will the price of BTC go up? Novogratz believes the world’s most popular crypto will gain 30% by the end of 2018. This will not stop there according to the expert, who believes that the bullish trend will prevail long after the end of the current year.
NOTE: This article is part of a blog by IQ Option and should not be considered as investment advice. Any references to historical price movements or levels are informational and based on external analysis and we do not warrant that any such movements or levels are likely to reoccur in the future.
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