Bitcoin News: Mike Kayamori, the CEO of Japanese fintech firm and crypto exchange operator Quoine joins the list of Bitcoin’s (BTC) bullish predictors, as he suggests that the toke will “surpass” its all-time price highs by the end of 2019.
In an interview with Bloomberg Markets: Asia on Dec. 4, Kayamori discussed the consequences of the current industry-wide price slump. He adds that much-awaited momentum in the price point will come with the new year, along with an overall positive crypto market sentiment.
Kayamori further elaborates, that while many claim $4,000 as the “technical bottom” for Bitcoin this winter, the coin has failed to hold the spot during the recent sell-off. He added:
“That said, when you look at historical [patterns] and where things are going, I think the bottom is near.”
He backed his analysis by pointing towards the Bitcoin miners, many of whom are crumbling under the price crackdown. He noted:
“If there’s enough miners going out of business, that [means] equilibrium is near. When you look at how markets overshoot, both up and down, you can probably say it’s close to the bottom.”
Following a massive theft of $534 million in January from Japanese exchange Coincheck, the Japanese regulators adopted a stern outlook. Kayamori claims that now the things have started to ease a little. Notably, the majority of local exchange platform has successfully implemented the business improvement orders that were issued by Japan’s Financial Services Agency (FSA).
Kayamori was quick to point out that with better practices in place across governance, compliance, asset segregation, secure cold wallet storage, there will be a rise in participation from the financial industry veterans. Japan was the “first global economic powerhouse” to regulate crypto, Kayamori further points that the country’s pioneering attention to the industry’s latest fundraising model, the successor to Initial Coin Offerings (ICO): Security Token Offerings, or STOs.
Whilst, the FSA is looking into creating ICO regulations that will protect investors from fraud. Along with they are currently seeking ways to prevent tax evasion on profits from crypto transactions.