Bitcoin value has dropped by almost 45% after hitting a high of almost $20k this month but some experts feel the crypto currency is set to climb again in 2018
Investors who joined late will feel the latest headline about Bitcoin value is a bad joke. Most people who invested in Bitcoin recently are sitting on negative equity or have cashed out losing.
Ethereum and Ripple backers have similar stories to share with their Bitcoin owning counterparts. But for portfolio manager Jeet Sign cryptocurrency volatility isn’t surprising and he envisages Bitcoin’s value hitting $50k this year.
Singh gave his views about cryptocurrencies to RT while attending the Davos Economic Forum in Switzerland. He’s been operating in the cryptocurrency space for the last six years. He’s seen similar volatility time and again. And he’s also experienced fluctuations by more than 80% and above on a regular basis.
Singh drew comparisons between cryptocurrency and the early performance of Microsoft and Apple stock.
“If you look at Microsoft or Apple when they went public their stocks were very volatile because the market wasn’t mature,” he said.
The lack of vendors accepting cryptocurrencies as payment results in cryptocurrencies being used more like as a store of value. However, in countries with high inflation (Indonesia and Thailand) cryptocurrencies are more readily accepted.
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