Kenetic Capital’s Chu: Bitcoin price will reach by the end of the year $ 30,000
Home News Kenetic Capital’s Chu: Bitcoin price is up to the end of the year US $ 30,000 to reach
Marcus Misiak –
Jehan Chu, the co-founder and managing partner of Kenetic Capital, a Blockchain-investment company told Bloomberg that the Bitcoin price is more shallow than tripled and by the end of the year $ 30,000 is reached.
In an interview with Bloomberg’s Daybreak Asia, Jehan Chu said that the Bitcoin rally will be driven up to 30,000 US dollars of three important factors:
What people see now, really, is not that the crypto-currency to go away. And you don’t have to take my word on this. But it is the Facebooks, it’s Jamie Dimon, it’s Rakuten, it is the Fidelity of all who come in the room, either in building infrastructure or in the provision of services. So this is the most Important. It is the exchange of ideas and the acceptance is promoted. Secondly, I think that what we see is a anti-cyclical Argument. With the recent disappointments about the IPO of Uber and Lift on the market, people are looking for a different kind of Tech Story, which is perhaps accessible for all. And finally, the Bitcoin Halving is coming. And that has driven the price traditionally, in two-digit percentages. So a combination of these three factors, I think, will come to us really to where we are now, to 30,000 dollars.
Although Bitcoin is currencies, the reserve currency for Crypto, says Chu, is that the crypto currency market is much more than Bitcoin:
Bitcoin is the biggest brand. It is the huge elephant in the room, and he definitely has a booth, from which many other crypto-currencies and Token benefit. BTC will drive the Rest of the market in the height. But in truth many of the various applications that support the crypto-currencies themselves, to develop their own story and their own Benefit.
Jehan Chu also predicted for Ethereum to be a great success, and finds its growth, its development and its acceptance as “outstanding”. Another coin that he finds interesting, is the Ripple, as he believes that they have made great progress and important partnerships have been received:
From the point of view of the benefits from seen, we see Ethereum as a pioneer. The acceptance and the rate of development of the Ethereum team, which provides a decentralized global Computer, is simply amazing. People say that Ethereum will go away, but it’s not going away. ETH is still one of the largest Coins in the world with the largest developer community. And I don’t think Vitalik Buterin, the 24-year-old founder of Ethereum, the state, a thing Rafael Nadal at the recent Microsoft conference on stage, really shows just how much traction there is on-site, but also with the major institutions that determine the future of the technology. So I think Ethereum is definitely a bullish Call. I’m also interested to see what makes a Ripple. I think Ripple has made great strides by many of the banks made various types of payment options available and key partnerships around the world.
In relation to a Bitcoin Exchange Traded Fund (ETF), said Jehan Chu, it projects, such as Fidelity, E*Trade, TD Ameritrade, and others, will continue to drive the traction and the volume of trade up:
Commissioner Peirce said it was time for an ETF, but there are still open questions. And that’s not fair. To be honest, I’m waiting with bated breath to the fact that an ETF will be listed in the near future. If Yes, great. But to be honest, we get people like Fidelity, who offer institutional custody and trading, about eTrade to Ameritrade to Rakuten for a great traction and a large increase in volume. Samsung brings out now a crypto-currency Wallet, and all these factors will encourage acceptance, regardless of whether an ETF is coming tomorrow or in 10 years.
Featured Image: Travis Wolfe | Shutterstock