Bitcoin price to hit $100,000 in next 12 months

BITCOIN could top £100,000-per-unit by the end of 2018, some financial experts are predicting.

After a remarkable year for so-called cryptocurrencies, and countless warnings the bubble was about to burst, the market seemingly remains robust.

Newer cryptos like Etherium, Litecoin and XRP/Ripple are threatening bitcoin’s previous dominance but mountains of cash continue to be invested in the entire sector.

In 2017 bitcoin has seen a 400 per cent increase, breaching the $20,000 mark – however, in the days before Christmas the currency saw a dramatic ‘correction’ and was trading at below $14,000.

However, the Chicago Board Options Exchange (CBOE) and Chicago Mercantile Exchange (CME) both launched its bitcoin futures contract in December.

Some financial power brokers have decided enough is enough.

Jamie Dimon, CEO of JP Morgan Chase even labelled it a “fraud” however his words have largely gone unheeded.

Less charitable bitcoin enthusiasts even believe critics are simply jealous as they are not involved in bitcoin and so are negative towards the cryptocurrency.

Kerim Derhalli, CEO of investment app Invstr, holds this opinion.

He said: “bitcoin is the next logical stage of the information revolution. This time a year ago it was worth under a $1,000. I predict next year it could hit the $50,000 to $100,000 mark.”

Others also believe bitcoin could reach similar levels next year as Olga Feldmeier, CEO of Smart Valor said: “it can easily go to $100,000 by the end of the next year and possibly even beyond.”

There is no doubt that bitcoin has scared the financial establishment.

Mr Derhalli added: “bitcoin is something that has gone against the established government system and seems to be winning.”

Eric Benz, managing partner of CryptoFriend, a group of crypto professionals said: “We have seen an incredible growth in all things blockchain and Crypto for the past five years now. The crypto revolution is seriously hitting its stride and there is simply no predicting just how big this emerging industry and ecosystem will be.

“We have seen bitcoin outperform every other asset over the previous 5 years and this will continue to be the case in years to come. 2017 has been bitcoin’s coming out party, prepping it to become a major player in financial markets globally.

“The economic model is simple with bitcoin and with more adoption comes further demand and therefor an increase in price.”

Bitcoin seems to have attracted a lot of allies and friends to the digital currency. The price of bitcoin next year is heavily anticipated but so is the next natural step.

Nick Spanos, founder of Zap.org and the Bitcoin Centre NYC who is a bitcoin and blockchain expert said: “Bitcoin has a stellar year ahead. No matter how low bitcoin went in the past, it always climbed back at least a few times stronger.

“Bitcoin is now tested and proven to the market: more importantly, people now separate the Blockchain’s incredible abilities from outside issues, so bitcoin is gaining more solid confidence from users and outsiders as this understanding improves. These perceived downsides are being taken care of, while the upside for bitcoin is virtually limitless.”

This new form of currency has lead to other more imaginative bitcoin related movements.

Lottoland, a betting operator, is gearing up to offer players the chance to win 1000 bitcoins (£14.2million). It polled 1,848 UK adults on their knowledge and thoughts on bitcoin. More than half of Britons aware of bitcoin admitted they now regret not purchasing the currency when they had the chance.

A Lottoland spokesperson said: “Whilst bitcoins have been around for a fair few years now, over the past couple of months its status has been seriously elevated amongst the general public due to a huge surge in value.

“It’s clear that the vast majority of Britons are aware of their impact on the financial industry, even if some are clearly still yet to catch on.

“Here at Lottoland, we are currently offering players to get involved in the bitcoin frenzy by going for the world’s first bitcoin lotto jackpot of 1000 bitcoins (worth around £14.2m) for as little as £3 per entry. The odds of winning are 10 times better than Euromillions, where participants will have to match 6 numbers out of a possible 49 from the winning draw.”
By DARIUS MCQUAID
https://www.express.co.uk/finance/city/895634/bitcoin-Etherium-Chicago-Board-Options-Exchange-Jamie-Dimon-2018