Bitcoin, the world’s largest digital currency by market value, could rise to $25,000 this year, Fundstrat managing partner Thomas Lee recently told CNBC.
To reach this price point, Bitcoin would need to climb more than 200% from its current price of roughly $8,100, according to the CoinDesk Bitcoin Price Index (BPI).
However, several analysts maintained the cryptocurrency could experience a rally of this magnitude in 2018.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Seth Wiener, managing partner of venture firm University Capital Group LLC, was in this camp.
“I see BTC closing the year around the $25K mark and hitting that price sometime before Christmas 2018,”
Wiener pointed to several positive developments affecting the space:
“Some point’s worth considering are Wall Street’s renewed interest in Crypto, the number of new institutional investors and investment firms plus involvement from iconic families led by George Soros and the Rothchild’s are huge positives. Individually they move markets combined you build a new blockchain financial system.”
Serge Maurice Lobreau, CEO of Flash Group, a blockchain company creating financial solutions for the unbanked and underbanked, said that Bitcoin could easily hit $20,000 this year as the regulations surrounding digital currencies mature. He stated:
We’ve seen government bans and proposed regulation negatively impact the crypto market, but as global regulation is introduced this year, we expect to see more government support for cryptocurrencies like Bitcoin. In fact, we’ve already seen the first sign of this, with 22 European countries signing an international blockchain partnership agreement this week. This, combined with increased public understanding of blockchain, will ultimately lead to a crypto boom this year.
‘The Sky Could Be The Limit’
James Tabor, CEO of blockchain company MEDIA Protocol, spoke to the great potential that Bitcoin has going forward.
“As long as blockchain projects continue to mature at their current rate, and we see adoption across the enterprise, then the sky could be the limit,” he emphasized.
“Bitcoin is certainly the gateway for many in the crypto world,” said Tabor.
However, he emphasized that “for new highs to be attained, and sustained, we will need to see POCs becoming production ready, and true value being realized.”
Ari Nazir, managing partner of Neural Capital, a hedge fund that focuses on digital assets, also spoke to the market’s need for further maturation.
“In order for Bitcoin to reach $25k this year, the space first needs custodial services. Currently, there is a dearth of qualified custodians, which means each fund needs to maintain custody of their own assets. In order for institutional capital to enter the space, this must change.”
“Bitcoin will hit $5k before it hits $25k,” he predicted.