David Drake has sparked a ray of hope in the eyes of bitcoin investors by making a bold prediction. The Chairman of the investment firm, LDJ Capital, says bitcoin could be set for a dramatic rise in value by the end of 2018 – precisely $30,000.
After the first G20 Meeting of Finance Ministers and Central Bank Governors of 2018, he termed the future of cryptocurrency in one line, “a cold winter.” However, he believed the price of the digital currency could reach $30,000.
The digital currency was on the priority list of the G20 agenda, but ministers did not agree on what Bloomberg called “a uniform clampdown on the currency.”
“I’d say this year is a cryptocurrency Wall Street time and like Dorsey said, and we have said that before as well, we think cryptocurrency on the bitcoin will be worth $30,000 at the year end – it is limited,” Drake said.
As of March 26, bitcoin’s was estimated price was around $8,400.
bitcoin has had a somewhat tumultuous year. Its value shot up from some $950 in March 2017 to record highs of nearly $20,000 in the final month of 2017.
As news of bitcoin millionaires started flooding the timelines, cryptocurrency newbies jumped to get in on the action. However, multiple governing bodies are skeptical of the decentralized digital currency and have put legal restrictions on the same.
Twitter and Square CEO Jack Dorsey, predicted that bitcoin would overcome problems like scaling and in the process, overpower the importance of the dollar. Dorsey had some comments to this as well which he expressed at the G20 meeting. He said, “The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin. This would take place over the next decade, but it could go faster.”
Drake said that what he understood from Dorsey’s comments is that bitcoin, rather than being the only form of digital currency, will become an acceptable currency on a global basis as it was the first of its kind. He also emphasized on the fact that, “There will be hundreds. Today you’ve got 1500.”
Most Cryptocurrencies Are Fraud
Drake feels that most of the cryptocurrencies on the market are fraudulent, weird and strange. He strongly feels that bitcoin will keep its place as the reigning king of the digital currencies. As more and more digital currencies are surfacing on the internet, it is getting confusing for the newbies to make a proper investment that assures profits and helps them avoid losses.
Well, if you dream of having a cryptocurrency empire, we would suggest you strike the deal now, while the iron is still hot!