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Bitcoins / Breaking News

Bitcoin To Hit $50,000

It has been predicted that Bitcoin could reach prices as high as $50,000 this year, although it will be as volatile as ever.

Physical Bitcoin Laying on Dollar White Background

These predictions have been made by Jeet Singh, who is a cryptocurrency portfolio manager, who has also said that it is common for virtual currencies to fluctuate by as much as 70 or 80 percent. He compared Bitcoin to technology giants, saying;

“If you look at Microsoft or Apple, when they went public, their stocks were very volatile because the market wasn’t mature.”

This volatility might have worried new traders, but experienced traders are likely to be much less concerned, as they are used to larger fluctuations. This does mean though that as Bitcoin becomes more mainstream, and even inexperienced traders get a better understanding of cryptocurrencies as a whole, this volatility is likely to calm down, which has led him to make huge predictions;

“Bitcoin could definitely see $50,000 in 2018”

Bitcoin Logo on Multiple Dice

The fact that Bitcoin is so volatile has meant that it has received a lot of criticism, and even that it is a bubble that will soon burst. Stephen Poloz, the boss of Bank of Canada, has previously claimed that virtual currencies would never be used as a real currency, and have even branded it as a form of gambling, and not a legitimate investment. He said;

“A lot of words have been used but I think the main thing is, buyers should be aware it is much closer to gambling than investing…They are not assets, really, for the most part. I suppose they are securities technically. But tax authorities treat them as securities. Because you have to pay tax on a capital gain or loss.”

Singh went on to say that he believed that cryptocurrencies would be used a lot more over the next few months, saying;

“There are not so many vendors right now who accept cryptocurrencies but there’s huge adoption on the black market.”

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Frances is a writer for Crypto Daily, and she is responsible for bringing you the latest news on everything that is related to the Crypto world. She has a keen interest in Cryptocurrencies, and has many years of experience writing in all different roles. She is incredibly passionate about writing, and this combined with her interest into the finance, and virtual currency sector means that you are kept up to date with all of the latest news and information regarding all cryptocurrencies.