Mike Novogratz , Hedge Fund Legend, a billionaire Bitcoin investor and former hedge fund manager rattled up the crypto world when he predicted last week that Bitcoin houses the tremendous potential of crossing over the $10,000 barrier within this year end. At the time of his prediction one unit of Bitcoin was valued at $8300 approximately. Similar prediction was made three years back by venture capitalist Tim Draper when one Bitcoin token could be availed by shelling out just $424. Standing today those past predictions seem to be bang on correct especially with Bitcoin entering into the $9000 territory on early Sunday morning. Given its massive growth rate, it wont take even the end of November for Bitcoin to reach the record breaking $10,000 figure. It can do it all much before the stipulated time schedule.
Tim Draper had bought 30,000 Bitcoins in 2014 for less than $20 million. Three years and several technological advancements hence Draper’s corpus is worth more than $215 million. Tim Draper is confident about Cryptocurrency powered future and he says,
“In 5 Years If You Use Fiat Currencies, They Will Laugh At You”
It is important to note that Bitcoin craze was not as rampant one year back with a single token available for $730. It surely has been a bumpy road for Bitcoin filled with pitfalls but the end was definitely worth the struggle with a 1240% hike in Bitcoin values annually.
Charles Hayter working with Cryptocompare, a cryptocurrency data analysis service recently told Reuters that:
“$10k is on the cards and bitcoin seems to be straining at the leash to reach it.”
Charles also pointed out how the announcement of futures trading of Bitcoin on CME Exchange from second week of December added fuel to this ever-growing fire of Bitcoin enthusiasm world-wide. “Promises of bitcoin futures opening the door to institutional money are supercharging the price,” he said.
Another factor providing positive inertia to the Bitcoin revolution is its easy accessibility for people . Coinbase, the largest bitcoin exchange in U.S added 10000 new accounts on Thursday’s Thanksgiving holiday.
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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.
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