Bitcoin has been in a bear market throughout 2018 so far, declining from record highs near USD 20,000 in December 2017 all the way to USD 5,800 – a 71% decline. However, two Bitcoin experts, Bobby Lee from BTCC and Thomas Lee from Fundstrat Global Advisors think Bitcoin will again rally to record highs relatively soon.
Bobby Lee says USD 60,000 per Bitcoin is a matter of when, not if, which is equivalent to a market cap of USD 1 trillion. Just for reference, Bitcoin’s market cap as of this writing on 26 August 2018 is USD 115 billion. He goes on to explain that the Bitcoin market will be more stable, liquid, and conducive for faster adoption at that level. Bobby Lee is the Co-Founder and CEO of BTCC, a Bitcoin exchange that used to be #2 in the world, but experienced extreme turbulence from Chinese regulations that banned CNY to Bitcoin trading. BTCC has only recently re-opened after being closed for a year, before which it was the longest-running Bitcoin exchange with 2,305 days of continuous trading.
When #Bitcoin passes the USD $60,000 price level in the coming years, it‘ll reach a total circulation value of $1 Trillion. That will be a huge #milestone for $BTC, and it‘ll lead to more price stability, higher global liquidity, and even faster adoption worldwide. #VirtuousCycle
— Bobby Lee (@bobbyclee) August 24, 2018
One thing to note is that China is cracking down even harder on Bitcoin and cryptocurrency, by banning practically all exchange websites and ICOs, and even prowling social media to wipe out peer to peer trading. However, Bitcoin’s price hasn’t gone down due to this news, and the rejection of 9 Bitcoin exchange-traded funds (ETFs) by the United States didn’t make Bitcoin go down either. This shows there is strong support at USD 5,800, and bad news can’t drive Bitcoin below that. It also suggests Bitcoin is near its bottom, and when good news rolls in, like the approval of physical Bitcoin futures which are projected to launch in the United States in November 2018 on the Bakkt exchange, the cryptocurrency will have firm footing for a big rally.
Fundstrat Global Advisor’s Co-Founder, Thomas Lee, makes an even more imminent prediction than Bobby Lee. Thomas Lee says Bitcoin will hit its record highs of USD 20,000 by the end of 2018.
It seems quite obvious that Bitcoin will rally long term, regardless of if these specific predictions verify. Bitcoin is better than fiat currency, since it’s not prone to money printing, it’s decentralized so there’s no central government abusing Bitcoin to pay for a budget, decentralization also ensures that Bitcoin users can’t have their money frozen unlike banks, Bitcoin is cryptographically secure and unhackable, and transactions over the network are more instant and far cheaper than any other payment mechanism in the world. Bitcoin is likely to replace fiat currency in the future, at which point USD prices of Bitcoin will become irrelevant.
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