Several Bitcoin experts have strong opinions on Bitcoin with a few quite hesitant on the phases of cryptocurrency. Most are more likely to highlight the volatility and major drops in prices over the year.
But, Roger McNamee, an early Facebook investor and Elevation Partners co-founder, thinks that 2018 will be a decisive year for Bitcoin. Moreover, he feels that Bitcoin’s legitimacy will depend on its endurance in 2018.
“Bitcoin is still a very small market in the context of the larger financial world, but it has had a huge year. We’ve done it around a speculative mania. If a mania goes on long enough, it becomes self-fulfilling. Even after a crash, what follows is a legitimate industry.”
Bitcoin has seen the best increase in price this year reaching over $20,000 at one time this month from only $1000 in January. But is back to the $14,000 level as at the time of writing. However, with a market cap of more than $230 billion, Bitcoin could attract more money and this could establish it more in the global financial marketplace, says McNamee.
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“With the level of activity going on…there are people that are willing to invest the kind of dollars. Thus it takes to make a thing like Bitcoin into a long-term part of the financial market…The big thing about 2018 is that I think we’re going to find out one way or the other.”
That does not mean volatility will disappear next year. In fact, part of the volatility is because there are many people and businesses that are yet to understand how Bitcoin and cryptocurrencies work. He says how Bitcoin will settle out amidst the volatility will determine its long-term survival.
“You’ll have these big swings, up and presumably down, as well. And, you know, wherever that settles out I think will tell us a lot about the role of Bitcoin long-term. I don’t think it will be the end of the story either way.”
Meanwhile, many people expect that the coin will continue to increase in price come next year. Ronnie Moas is optimistic that Bitcoin could hit a $28,000 high in 2018. Dr. Julian Hosp, the co-founder of TenX sees the price reaching as high as $60,000 and then as low as $5,000 next year.
“Bitcoin would have to jump 20x from where it is now to hit that number one spot,” said Moas. “That would put its valuation at around $6 tln, which is near where Gold and China are right now.”