Wall Street CIO Bitcoin Crash Prediction 2018: Is BTC Crash coming soon?
BTC to drop as low as US$ 1000 by value this year, Peter Boockvar, the Chief Investment Officer at Bleakley Advisory Group said on CNBC. Check out the Wall Street CIO Bitcoin Crash Prediction 2018.
CoinCrump – Peter Boockvar, the Chief Investment Officer at Bleakley Advisory Group, predicts the significant drop to $1000- $3000 coming when the bubble burst. Although, he sees the potential for Bitcoin for the long-term. He predicts Bitcoin may drop 70-90% this year. Is the Wall Street CIO Bitcoin Crash Prediction 2018 true?
Wall Street CIO Bitcoin Crash Prediction 2018
In the last 1 Year, the BTCUSD price hiked by $ 9,628.14 (1,046.72%) with a total volume of over $220.98 Billion. The highest price, $ 19.87 K, was on 17 December 2017. The lowest price, $ 841.53, was on 15 April 2017. After a steep price growth Bitcoin may show some correction.
Wall Street CIO said:
“Over the next year I wouldn’t be surprised if it’s [BTC] down to $1,000 to $3,000.”
Also, he added, any corresponding fall would just be psychological, because Bitcoin is “not something that really is that relevant in a 19 trillion dollar economy.”
Moreover, people in South Korea, Japan, and the US are using credit cards to invest in Bitcoin. Thus, this will hit hard when the bubble burst. He also added the boom in crypto markets can be attributed to easy-money policies of central banks and money printing. These moves make some cryptocurrencies, like Bitcoin, more attractive to investors.
Nordic Bank Imposes Bitcoin Ban
The biggest Nordic bank headquartered in Helsinki, Finland sent a memorandum to all its employees on Monday informing them that they will not be allowed to trade in Bitcoin and other cryptocurrencies. The bank will impose the ban from 28 February 2018 due to unregulated nature of the crypto market. The bank had about 31,500 employees at the end of the third quarter. But the employees who own Bitcoin or other cryptocurrencies are permitted to keep the existing holdings.
Is BTC Crash coming soon?
Now the biggest question among investors, Is the crash coming soon? Or Is Bitcoin a bubble? The answer is “BIG NO.” So, from my point of view, Bitcoin still is in the initial stage of development and a long way to go. At the backend, the blockchain technology was something that can’t be ignored. Although panic selling might be there in the short term, those who see Bitcoin as a revolution will stick to it for long-term.
“It is highly impossible to regulate the decentralized nature of Bitcoin & other cryptos”
Moreover, this is not the first time Bitcoin facing panic selling. Back to the year 2011, when the Bitcoin price hits $31 for the first time top of first “bubble,” followed by the first price drop. A few months later, in Dec 2011 Bitcoin price drops to $2. Several times major economies of the world tried to regulate the Bitcoin and Cryptomarket but failed to do so. Hence, buying on dips could be an opportunity for long-term investment.
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