A lot has been said about Bitcoin (BTC) $6550.1 -1.9% and its future. Many have weighed in on whether the cryptocurrency is going to surge past its January all-time-high or continue to decline in value.
Here’s a recap of how experts weighed in on the matter throughout the past few months.
RAN NEU-NER: ‘NOW IS A GREAT TIME TO BE BUYING’
According to Ran Neu-Ner, there were 27,000 blockchain startups in 2017. In the first two quarters of 2018, though, this number was already surpassed, with the numbers reaching upwards of 28,000. It’s safe to say that interest towards the field is far from declining.However, Neu-Ner said on June 28 that he thinks the market will continue to go down:
Right now my money is on the market continuing to go down, and going down to about $5,350 which is the next up. And the time horizon there is in about the next two weeks.
MOHAMED EL-ERIAN: BITCOIN IS A BUY BELOW $5K
Chief Economic Adviser at Allianz, Mohamed El-Erian, touched on the need for a consolidated base of people who “truly believe” in Bitcoin. According to him, that’s especially important now as the prices are declining. He also added that the cryptocurrency’s 2017 rally was fueled by a large number of investors who jumped on the bandwagon, joining those who were believers before that.He shared the opinion that Bitcoin is a buy below $5,000. However, El-Erian also said that he sees a future where digital currencies are strong but there would also be a lot of governmental involvement in them.
ARTHUR HAYES: $50K THIS YEAR?
According to Arthur Hayes, co-founder & CEO at Bitmex, we might have already come to the point of stability. He says that as the prices drop, we see a lot less volatility. He describes this as a problem, and associates high volatility with greater chances of a price spike:
You want as much volatility as possible to have as much chance that Bitcoin goes to $50,000, $100,000, $1,000,000, whatever that high number is.