Co-founder and managing partner of Kenetic, Jehan Chu, has a bold prediction for Bitcoin (BTC): the token will hit $30,000 by the end of the year.
Speaking to Bloomberg, Chu stated 3 reasons as to why the token will jump to a price that it has never reached before:
- Big names like Facebook, JP Morgan, and Fidelity entering the space
- A “different tech story” from the likes of Uber
- The arrival of the Bitcoin halving
The first and the third are two commonly proposed arguments as to why the cryptocurrency market will take off . Facebook’s cryptocurrency efforts have been heating up, and the social media giant is expected to release its coin by 2020. The Bitcoin halving will reduce the block rewards by half, and is seen as something of landmark moment for the maturation of the network.
The second is a psychological remark on investors, which may hold true, though to what degree is difficult to gauge. Many are persuaded by the democratized and independent nature of Bitcoin.
Several experts and insiders have predicted a surge in the token’s price, though they have not said that it would reach such a price by the end of 2019. Galaxy Digital CEO Mike Novogratz said that Bitcoin would hit $20,000 in 18 months, which, given the rise return of a bull market and the fundamentals being set in place, does not seem too unrealistic. Others have preferred to offer longer-term predictions, like Tim Draper, who has repeatedly stated that Bitcoin will reach $250,000 by 2023.
