The Bitcoin price is heading towards the green for the weekend. Several, bitcoin investors and experts like Thomas Lee and Tim Draper have been predicting on price. Now, yet another investor has joined suit – predicting high on Bitcoin.
A new high: Bitcoin hits $25,000
The CEO and Founder of digital assets investment fund BKCM LLC, Brian Kelly predict that Bitcoin could attain $25000, a new high by this year. Kelly said in an interview with CNBC.
In an interview, Kelly has supported Tim Draper prediction. As he had said Bitcoin hits $250000 by 2022. Meanwhile responding to Draper’s prediction, Kelly said:
“it sounds crazy,” when one considers that BTC already had a 4,000 percent return over two years, a 3,000 percent return over four years could be a “continuation of the trend we’ve seen”.
Kelly continues by noting to the institutional funds into the bitcoin, that he said hopefully reduces the volatility of cryptocurrencies. In that case, Kelly considers bitcoin more useful, explains:
“The big problem with bitcoin now is using it as a currency is very difficult because of the volatility … That doesn’t mean it can’t reach those levels. It just might not do it as fast as it did in the last two years. It might take four years like Tim Draper”.
For instance, the challenges that find restaurants and groceries accepting Bitcoin as a payment method. Brooklyn pizzeria, the owner accepts Bitcoin used to “process 12 times of bitcoin transactions per week”. But then again, the number has fallen back to zero besides the bitcoin price volatility.
Moreover, Brian Kelly uses Bitcoin as a store of value rather than payments. After being questioned by someone as to why one should invest money into volatile bitcoin and lose 25% of their investment, Kelly’s response was such that,
“it’s better than losing 100% if your assets are seized by a rogue government. So that is the use case today”.
The predictions for Bitcoin could $250,00 by next year or $250000 by 2022 is that its transaction volume to increase.
According to Kelly,
“If the number of transactions […] catch up a bit, then I do think we’ve bottomed here and I do think we’ve got a sustainable bull run ahead of us”.
He adds, the decrease in the parabolic run transaction, as well as Mt. Gox, sell off will also be marked in the market’s downward swing.
Image Source: Brian Kelly