Bitcoin is struggling with bears as prices keep on going down. Meanwhile, European Commission VP believes despite the ongoing turbulence crypto assets are here to stay. So, what are the odds of Bitcoin hitting the new height?
Bitcoin & crypto market loses steam
Bitcoin today saw a bit of stability after 5 days of pure torture only to drop down again. On a somewhat upward curve, Bitcoin has been eyeing the $6,400 mark. However, at the time of writing, Bitcoin has been trading at $6,280. Today’s BTC price range has been $6,292 and $6,399 with about $100 difference.
Meanwhile, among the top 15 altcoins, all are in the red except for Stellar (XLM), Monero (XMR), IOTA (MIOTA), and Ethereum Classic (ETC).
Coins with the highest loss at the moment are Holo (HOT), KuCoin Shares (KCS), VeChain (VET), and NEM (XEM).
While the substantial gainers are Emercoin (EMC), Waves, Dentacoin (DCN), Tezos (TZX), and TenX (PAY).
So, the market is more or less is having mixed sentiments tilting towards downward momentum. It’s still unknown where exactly the price will move from here.
European commision VP: Crypto here to stay
Meanwhile, following the EU Economic and Financial Affairs Council (ECOFIN) meeting in Vienna, Austria a few days back, EU finance ministers met to discuss new rules for the crypto industry.
Valdis Dombrovskis, the Vice President of European Commission who oversees the Financial Stability, Financial Services and Capital Markets Union in the EU shared his bullish views on crypto:
“We see that crypto-assets are here to stay. Despite the recent turbulence, this market continues to grow. In particular initial coin offerings or ICOs, we see they have the potential to emerge as a viable form of alternative financing. Already last year, ICOs helped raise over 6 billion dollars in funding and this year this figure will be substantially bigger.”
Apparently, according to him, the challenges come into the form of how to properly categorize them and determining if existing EU rules should apply or to develop new rules. He further commented:
“Many Member States today supported the need for such mapping, so we expect to conclude this assessment later this year. This will provide a solid ground to build on and to decide on further steps in this area.”
Will Bitcoin skyrocket?
Not long ago, the Satis research group made a bold prediction for Bitcoin price to hit $32,000 in a year, $70,000 in 3 years and $96,000 in next 5 years, stating:
“Currently, the vast majority of the total crypto asset market capitalization is held in traditional store of value markets, with offshore deposits accounting for nearly 40% of the total.”
According to Forbes, analysts are divided when it comes to Bitcoin hitting these bold predictions in the coming years.
Joe DiPasquale, CEO of crypto fund of hedge funds BitBull Capital said:
“Bitcoin’s price can be anywhere in 5 years, from $10,000 to $100,000. An exact prediction is hard to provide because there are numerous fundamentals that are likely to change between now and 2023. Digital currencies and assets are the future of transactions and value storage, and Bitcoin is leading this revolution. But this doesn’t make it easy to guarantee a specific price tag five years down the road.”
Whereas, Yazan Barghuthi, CEO of Jibrel Network doesn’t agree as he comments:
“I do believe BTC has a compelling use-case as a store of value, particularly in countries experiencing hyperinflation (Iran, Turkey, Venezuela), but to assume it will capture sizable market share from Private Banks in markets such as the US, Switzerland, Singapore, Germany, Netherlands, etc. over the next 5 years, is extremely optimistic.”
But Eric Ervin, CEO of Blockforce Capital, believes “a $100,000 per coin valuation for bitcoin is entirely possible” as he further mentions:
“Bitcoin’s current 112 billion dollar market cap represents just 0.1% of the entire global money supply which is currently valued at approximately 90.4 trillion dollars.”
Meanwhile, Oliver Isaacs, blockchain investor, advisor & influencer stated:
“If cryptocurrencies are truly solving the problems of paper and fiat currencies which I believe, we are going to see that 200 billion start to move up to 200 trillion and that gap close (that’s a 100,000% gain).”
Looks like, Bitcoin bulls are in the extremely positive at least for the future prospects.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.