Bitcoin will surpass $100,000 by the start of next year, according to the CEO of a new and quickly developing platform for crypto services.
The crypto giant reached new records of $66,000 on October 20 after the first Bitcoin Futures ETF was launched in the US. Since then, the digital asset has lost some of its gains, trading at $59,052 a coin at 6:45 a.m. on Thursday in London.
However, Graham Jenkin, the CEO of CoinList is positive about the future of Bitcoin and has some bullish predictions.
Some of the people working at CoinList believe that BTC will reach $100,000 by the end of the year, yet the CEO thinks that does not seem likely to happen. He believes that such a number will be reached by the beginning of next year.
CoinList just announced $100 million in series A fundraising, valuing the company at $1.5 billion, demonstrating the growing demand for crypto assets.
The CoinList team is not the only one with this prediction as many other financial analysts and companies believe that Bitcoin not only will reach $100,000 but also surpass that.
Paul Tudor, the billionaire investor, commented for CNBC that he definitely prefers crypto over gold.
There are some, like Fidelity Investments, that see the currency reaching $100,000 but not anytime soon. Jurrien Timmer from Fidelity announced for CNBC that this might take a few months.
Despite the many crypto advocates, there are of course also people who don’t support it.
Jamie Dimon, the JP Morgan Chase, called Bitcoin ‘worthless’ claiming that it is anything but a smart investment as some countries, for example, China, will ban it. Similarly, United Wholesale Mortgage deems cryptocurrency as highly uncertain.
Mark Yusko, the Bitcoin bull, is predicting a pullback and describing the market as overbought, predicting that investors will profit from Bitcoin’s current high price.
CoinList will certainly benefit by supporting Bitcoin, however, its CEO said that they are not much impacted by the volatile nature of BTC. He admitted that a major drop in BTC would indeed affect them, but that is not to happen anytime in the future.