When Bitcoin blew past the $9,000 mark, it had many people talking. For those in the industry, it wasn’t a surprise. Read their thoughts on what comes next below.
“The recent surge in the price of Bitcoin is driven by technology adoption and demand for a decentralized future. Bitcoin, as well as other cryptocurrencies, are seeing all-time highs on a weekly basis. I’ve been in the industry for over seven years and can say with confidence, this is just the beginning. Let’s see what records we will break tomorrow.”
Matej Michalko, founder and president of DECENT, a blockchain content distribution platform
“$10k could happen as early as this week based on the volumes we are seeing in exchanges throughout the world. This market has been often compared to the dot-com bubble. However, the dot-com bubble peak was a multi-trillion dollar market cap. Factoring in almost 20 years of inflation, as well as a globally active 24/7 community versus a stock market with limited hours, the current market cap of cryptocurrencies has a long way to go.”
Simon Yu, CEO of StormX, the blockchain-powered ad-tech and micro-task innovators
“Hot money that is not experienced with crypto is piling into BTC right now. It’s a highly unstable situation as this kind of money won’t be satisfied unless the price keeps going up. While I’m not sure when BTC will hit $10K, bitcoin’s price limit can probably be backed into by looking at the total market cap of BTC and how that relates to other markets. If BTC hits $100K for example, it would have a market cap of nearly $2 trillion. To put in context, the entire US stock market is $15 trillion and the total daily trading volume on the entire US stock market is $170 billion. The liquidity to make BTC rise has to come from someplace, and it’s likely to come out of other risky investments that are also liquid. So the limit of BTC is now directly related to the liquidity of other risky assets people will sell to buy BTC and the price momentum of BTC.”
Christopher Grey, Co-Founder of CapLinked, which helps Fortune 1000 and large financial companies securely share data
“Even after great market growth the cryptocurrency market remains tiny and as a result, a relatively small amount of investment in digital currencies, instead of traditional investments, can exert excessive influence on prices. Before 2009, cryptocurrencies did not exist, and to this day it can be difficult to buy and store, let alone trade. In the near future, this process will be facilitated, thanks, for example, to CBOE Global Markets and CME Group, and the launch of futures and options for bitcoin. Even well-known skeptics such as JPMorgan Chase is reportedly studying ways to help their clients invest in cryptocurrency derivatives. As soon as the barriers to investing begin to crumble, and any amateur can buy bitcoins, it won’t be a surprise if the prices for cryptocurrencies will soar even higher -at least temporarily.”
Dmitry Zhulin, co-founder of INS, the decentralized grocery ecosystem
“The market is currently excited by the bullish news following the CME announcement launching futures for digital cryptocurrencies. Similarly, big investors and traditional hedge funds are now able to invest in BTC thanks to the services of a financial established player.
“As the price continues to grow, traditional media attention is growing with more and more people hearing about bitcoin. As a result of its popularity, it is very likely it will reach $10,000 USD despite it being a remarkable new height we have not seen previously. It is difficult to predict the momentum in the short term, however, there will inevitably be a correction in the future. I believe the price will have cycles made of ups and downs, but in my opinion, it is destined to grow.”
Francesco Nazari Fusetti, CEO and Founder Charity Stars, the online fundraising auction platform
“There is an on-going paradigm shift and people are starting to digitize their assets. Some well-known investors, like Mark Cuban and Mike Novogratz, have stated that it’s a good investment to have 10 per cent of your assets or savings in crypto alongside traditional ones like stocks. The total crypto market cap has grown almost $300 billion in the past year and people are realizing that these new forms of value can help them in these uncertain times when things like bank bailouts can happen. Bitcoin may reach the $10,000 price per unit by the end of the year. When and how much it will come down once it reaches its current peak is a whole other matter. Ethereum has grown from $8 to $470 since the beginning of the year, which I think is way more interesting than bitcoin’s current run.
“If people keep believing that bitcoin and other cryptos can retain their value, then they can keep growing. In the case of other cryptoassets whose function is not store of value, but utility or governance functions, their value will be defined by the utility they provide to their token holders. I believe we are still experimenting and in the early stage of cryptoeconomics, so predictions are definitely hard to make.”
Luis Cuende Co-founder and Project Lead of Aragon, the decentralized governance platform for organizations