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Kenetic Capital managing partner has said that it expects bitcoin to reach $ 50,000 by the end of 2018 as the cryptocurrency market becomes globally accepted.
Speaking on Bloomberg TV, Jehan Chu, said:
I think we're going to see $ 50,000 by the end of 2018 for bitcoin. I think with the one-two punch with the Cboe and CME I think the whole world is on the verge of making a reality.
Chicago-based exchanges Cboe and CME are to launch their future markets, which are helping to boost the price of the market up to record highs. Just today, it was reported that the cryptocurrency had risen by 10 percent,nearing the $ 13,000 barrier.
Speaking about how digital currencies are perceived in Asia compared to the US, Chu argued that the Asian market is a lot more important than its counterpart exchanges.
Interestingly, he stated:
China is actually one of the fastest to adopt an enterprising level blockchain technology.
He's also of the opinion that the PBoC's efforts to develop their own cryptocurrency include:
I think in 2018 we will see the first state-backed digital currency in one form or another and I bet you it will come from Asia.
When questioned as to whether South Korea has become involved in the cryptocurrency space because of North Korea and its use of safe haven, Chu replied in the negative. According to him, South Korea is focusing on this space because they have a culture of trading. As they are familiar with Forex trading and stocks, Chu thinks that trading in digital currencies makes for an easy transition.
I am not sure it has a lot to do with politics between the North and the South, but I do not think it's a good idea to know that Japan, like Korea, and even Hong Kong to a degree, and especially recreationally in China you're going to see a lot of interest in cryptocurrency and I see that growing exponentially.
Billionaire hedge fund manager Mike Novogratz is another bullish on the price of bitcoin. Last month, he said it could 'easily' reach $ 40,000 by the end of 2018.
