In the short-term, Bitcoin is predicted to be bearish where BTC price can also hit $3k. However, crypto experts and enthusiasts firmly believe in the future of Bitcoin.
Bullish on Bitcoin’s Future
Bitcoin is sliding down and the prices are expected to bring more pain. However, it is not shaking the confidence of Bitcoin enthusiasts in the leading cryptocurrency.
Blockstream founder and CEO, Adam Back is very positive on Bitcoin’s future,
That’s the real flippening @bobbyclee! personally I consider $250k-$500k/BTC plausible in the years ahead, from the digital gold, censor-resistent competitor to physical gold, and internet native digital money. https://t.co/hSq2aHvg8z
— Adam Back (@adam3us) November 20, 2018
Meanwhile, Bitcoin economist, Dr. Saifedean Ammous believes Bitcoin will be the Gold Standard,
“Bitcoin allows the technology to recreate the economic system the Gold Standard had in a way that is much harder for governments to control and stop.”
He further shared,
“If bitcoin’s economic incentive system continues to work and survive the way it has over the past ten years, it doesn’t matter what mainstream financial institutions think – it doesn’t matter what anyone thinks – it is just going to be economic reality that compels people to act upon it.”
Bitcoin bullish sentiments are echoed by Sonny Singh, COO of global payment processor, BitPay who thinks BTC will hit $15k to $20k by 2019 end. He also said price movement will be seen only with a new direction that might be in the form of Fidelity’s product launch, BlackRock launching an ETF or Bakkt’s platform launch.
Singh completely differentiated the Bitcoins and altcoins stating,
“There’s a night and day difference between Bitcoin and everything else. Bitcoin is the under pound gorilla, it’s the one that has the mass network effect… [the one] the traditional financial incumbents are building products around. Other [crypto assets] […] I don’t know what’s going to happen to them.”
He further added,
“Next year will see new players and miners emerge in the industry. We will not see any rapid shift but by the end of Q1 or Q2, Bitcoin will emerge as a viable commodity. Bitcoin has become mainstream adoption around the world, it has got a great brand reputation.”
Another name is Bitcoin bull Tom Lee, managing partner at Fundstrat Global Advisors who has brought down the year-end price target to $15,000 recently stated in a research note,
“While bitcoin broke below that psychologically important $6,000, this has led to a renewed wave of pessimism. But we believe the negative swing in sentiment is much worse than the fundamental implications.”