The CEO of ADVFN, Clem Chambers, foresees Bitcoin declining to USD 2,000 before eventually rising to USD 100,000.
Chambers says, “The blockchain will be the way of the future which will be like the internet was to the generation before. Bitcoin will probably be part of that future in the long term. Will Bitcoin go back over from its previous high? It will probably hit USD 2,000 before it hits USD 20,000. But will it hit USD 20,000? I think so. Will it hit USD 100,000? I think that’s quite likely.”
ADVFN is a financial markets website founded in 1999 that monitors over 70 stock exchanges around the world, and is well-known for its internet forums. Chambers now joins the ranks of many other financial and cryptocurrency experts that expect Bitcoin’s price to rise by orders of magnitude in the long term.
Ethereum co-founder Charles Hoskinson thinks tens of trillions of dollars will be entering crypto markets as institutional investment into crypto becomes mainstream. Cryptocurrency expert Michael Strutton thinks the approval of the first SEC-regulated Exchange Traded Fund (ETF) for Bitcoin will drive Bitcoin’s price up to USD 35,000. The CEO of BitMEX, Arthur Hayes, has made a similar prediction, saying a Bitcoin ETF will cause a rally to USD 50,000.
Additionally, Chambers says, “Governments will make their own crypto, they will come and they’ll be great.”
There have been several countries considering the idea of a state-backed cryptocurrency, but so far the Bahamas and Venezuela are the only countries to have made official announcements that they are creating a native cryptocurrency.
Deputy Prime Minister Kevin Peter Turnquest of the Bahamas says, “The production of a modern fully digital payment service is the way forward for this era of governance. A digital Bahamian currency is especially important for the many Family Islands as they have seen many commercial banks downsize and pull out of their communities, leaving them without banking services. As an island nation, where transportation can be an inconvenience for many, especially the elderly, and costly, we must offer financial services digitally and securely.”
Chambers further says, “There’s a shortage of actual money in the world. That’s what people, I don’t think, have worked out. They are not creating enough money to make the world go around. The cryptocurrencies are filling that vacuum. Because that’s an economic suction going on there and the cryptocurrencies are filling that vacuum. It will generate an economic lift.”
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