BITCOIN has dropped in price in recent months after reaching highs of almost $20,000 in December – but cryptocurrency expert Clem Chambers believes bitcoin could hit its price highs again.
Clem Chambers, CEO of ADVFN, said he thinks bitcoin will hit highs of $20,000 again but warned it will “probably” drop in price before rallying.
Speaking to Express.co.uk from the CryptoCompare MJAC Blockchain Summit, Mr Chambers said: “The blockchain will be the way of the future which will be like the internet was to the generation before. Bitcoin will probably be part of that future in the long term.
“Will bitcoin go back over from its previous high? It will probably hit $2,000 before it hits $20,000.
“But will it hit $20,000? I think so. Will it hit $100,000? I think that’s quite likely.
“Because like us, we can make a coin, so there’s always the ability for more currency to be generated."
Mr Chambers explained how bitcoin price could rise. He said: “There’s a shortage of actual money in the world. That’s what people, I don’t think, have worked out.”
He added: “They are not creating enough money to make the world go around. The cryptocurrencies are filling that vacuum.
“Because that’s an economic suction going on there and the cryptocurrencies are filling that vacuum. It will generate an economic lift.”
Bitcoin price stood at £6,691.61 at 15:50 (BST) on Wednesday, according to CoinDesk.
Bitcoin was boosted 3rd july after the Financial Times revealed that Switzerland could yet become the global capital for crypto with the emerging industry getting full access to conventional banking services by the end of the year.
Switzerland’s fast-growing cryptocurrency industry could have full access to conventional banking services by the end of the year, a Swiss expert has said.
Heinz Tännler, finance director of Zug canton, told the FT that politicians were moving to allow crypto companies to work with banks, adding that Switzerland’s central bank, financial supervisor and federal government “are willing to help”.
He said: "We hope to clarify relationships by the end of the year at the latest.
“Time is pressing — other jurisdictions such as Malta and Singapore are very active and making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage.”
But bitcoin and other cryptocurrencies have faced criticism by banks and finance experts, with billionaire Bill Gates telling CNBC he would bet against the bitcoin and short it if he could.
Former Clinton administration economist Nouriel Roubini said it is ”utterly idiotic” that cryptocurrency could replace fiat currencies.
Mr Roubini also said in 2014 that bitcoin is a “Ponzi game and a conduit for criminal or illegal activities”.