Now we're talking. A fellow bitcoin believer that totally shares our view that bitcoin is on a huge uptrend and could hit $3,000 by the end of the year. He's smart too cause he is an analyst AND was on CNBC (Oooooo!). We at FintekNews have been calling for $2,500 so obliviously we love Arjun's price projection better. We may have to raise our target to $2,999 so we get there first.
(Bill Taylor/CEO)
"The price of bitcoin could hit $3,000 by the end of the year after recently trading above gold and hitting a fresh record high, an analyst told CNBC on Tuesday.
A rise on this scale would represent a near 150 percent increase from bitcoin's current price of $1,204 at the time of publication, and a more than 130 percent increase from the fresh $1293.47 high it set last week, according to CoinDesk data.
The price of bitcoin at time of publication is not trading above an ounce of gold, but the recent rise in price, which is up 195 percent in the past 12 months, has been attributed to a number of geopolitical and broader market factors.
These include:
- Increased regulation from Chinese authorities to clamp down on money laundering
- Demonetization in India which has caused bitcoin to be seen as an alternative store of value
- Volatility in other currencies and uncertainty in the global economy
Now Adam Davies, a consultant at Altus Consulting, who works with large financial institutions on technology, is predicting bitcoin can go even higher.
"In terms of price this year, I think it will go up to $3,000. As it becomes more pervasive and more generally accepted, I think you'll see rapid growth in adoption," Davies told CNBC in an interview on Tuesday.
People are unsure about what is going on in the world, and digital currencies unlike the U.K. pound sterling have been hit badly because of Brexit, so people are looking to divest into bitcoin..."
Read Full Article at CNBC