Bitcoin spikes by 84%
Some of the experts say that the resurrection of bitcoin might lead to the digital currency to spike as high as up to 84% by the end of this year. Bitcoin’s value went down up to 71% during the time of global digital currency mania after it was as high as $US20,000 by the end of 2017. Following the fall in the value, it lingered at the value of $US4000. During this time bitcoin trading was done as low as less than $US3500.
Ben Ritchie was one among the six experts of fintech who had predicted about bitcoin. He was the Digital Capital Management chief operating officer was found to be the most positive and tipped by the end of the year at the price of $US9500. However, the prediction made was less than $US7000 on an average.
As quoted by Mr. Richie in one of the reports, “Two things to look out for in 2019 will be whether we will see a decoupling of the cryptocurrencies, as to date they have trended in a relatively similar manner.” Following which he predicted and said that there would be a rise in 2019 but slow and steady.
He said that the second thing to look out for would be to see how the conventional markets will impact the digital currencies. To see whether there will be a rise in bitcoin if there are S&P drops. Once Bakkt and Fidelity Group enter the market, there will be an improvement in on-ramp and off-ramps buying cryptocurrencies. Nonetheless, he said he doesn’t think there will not be much investors of institutional levels who will enter for quite some time now.
One of the polls showed in a website that made a comparison that the largest adopters were the millennials which showed that 12% of the people who responded aged between 24 to 38. They responded by saying that they do investment in cryptocurrency and this percentage is equivalent to 661,000 youngsters of Australia.
The most demanded digital currency was Bitcoin which was the original cryptocurrency following which came to Ethereum and then Ripple. On the whole, only about 6% investors of cryptocurrency were adults which is equivalent to 1.1 million people of Australia which were 1% more than last year.
The co-founder of Finder.com.au and HiveEx.com, Fred Schebesta said that millennials were ready to embrace cryptocurrency in particular so that they can make some wealth of their own. Mr. Schebesta says that these people have grown along with digital technologies by their side so no wonder they wish to embrace digital currency. He said, “They are looking at investing very differently to their parents.”