Co-founder of Hong Kong based blockchain investment firm named ‘Kenetic’ has predicted that the price of Bitcoin [BTC] can hit as high as $30,000 USD by the end of this year.
As per Chu, bitcoin can continue its ‘ongoing bullish direction‘ along with the other crypto assets in 2019 due to mainly 3 factors that embody the drive of mass adoption by international giants like Facebook, JPMorgan, Rakuten and Fidelity, who have recently turned their interest towards crypto assets.
Chu stated that his bull prediction is additionally based on the suggestion that the crypto ecosystem might become a “better tech story” that’s sought-after by global investors after what he calls the disappointments around the Uber and Lyft IPOs.
Finally, the expert outlined the upcoming bitcoin halving, a method of dividing the number of generated rewards per block so as to maintain the entire supply of bitcoin, that he notes has antecedently pushed prices upwards in double digits percentages.
Explaining further, Chu added:
“A combination of these 3 factors, I assume, can really see us getting from where we are now to $30,000 USD.”
Within the interview, Chu additionally delivered his stance on one among the foremost anticipated events in crypto ecosystem – an approval of the primary bitcoin exchange-traded fund [ETF] by the Unites States SEC [Securities and Exchange Commission].
Chu said that he’s not waiting with “bated breath” on an ETF to be listed anytime soon, adding that the main attraction and volume that can take place from international giants will disrupt the field, “regardless of whether or not an ETF comes tomorrow or in after 10 years.”
Just recently, Barclays web analyst named ‘Ross Sandler’ predicted that Facebook’s upcoming crypto-currency project can generate some extra revenue for the crypto market.