Bitcoin price WARNING: Crypto to reach $100,000 if it holds onto this KEY metric
BITCOIN's prices fell dramatically amid a frenzied sell-off following news the Chinese Government and Lloyd's bank would ban buying BTC with credit cards. But independent crypto trend analyst Ronnie Moas said bitcoin's value could reach $100,000 if it maintains its current market share.
By AURORA BOSOTTI
PUBLISHED: 16:29, Tue, Feb 6, 2018 | UPDATED: 16:34, Tue, Feb 6, 2018
Bitcoin’s price fell below $6,000 for the first time in 2018 as China signalled it would block access to cryptocurrency trading markets.
China has a long tradition of blocking unwanted websites thanks to the so-called ‘Great Firewall of China’ and it seems this process could now extend to blockchain technologies in 2018.
Mr Moas explained bitcoin’s current downward trend could still result in profitable investment if large sums invested in stocks and gold "finds its way into cryptocurrency."
He said: "We have $230 trillion right now in the world tied up in stocks, cash, bonds, and gold. All four of them are overvalued.
"If two percent of that $230 trillion finds its way into cryptocurrency, you would be looking at a $4 trillion market valuation thirteen times where we are today.
"It would put the bitcoin price at $100,000 a few years from now if it holds on to its current market share of 36 percent."
Back in December, bitcoin hit an all-time high of £13991.86 ($19,535.70) on December 17 before sharply declining.
A brief resurgence of the cryptocurrency occurred on January 6 when the value hit £12,201.24 ($17,035.60) before dramatically going into free fall.
For most, the year 2018 has been an absolute crypto-omnishambles after regulatory threats from South Korea, electricity use concerns in China, a $500m hack in Japan, a ban on Facebook, the “outright scam” at AriseBank and the price manipulation of tether.
Mr Moas however advised investors to diversify their crypto portfolios to avoid losses in case of a bitcoin "knock-off."
"Look at what Amazon has done to the shopping malls. You do have to be diversified but I think bitcoin will remain at the top of the mountain and there is room for more than one cryptocurrency in that space."
Bitcoin could be set to bounce back as ahead of a meeting this week of the US Senate Banking Committee to discuss the regulation of cryptocurrencies in the country.
Bitcoin could be set to bounce back as ahead of a meeting this week of the US Senate Banking Committee to discuss the regulation of cryptocurrencies in the country.
Bitcoin was trading for $7,090.49 at 4.32pm on February 6.
It would put the bitcoin price at $100,000 a few years from now if it holds on to its current market share
Ronnie Moas