Bitcoin Price Rally is Just Getting Started, Says LightSpeed Venture’s Partner

Bitcoin still holds the distinction of being one of the  best-performing assets of 2017, despite its recent drop in price, which  has since then recovered. The popular cryptocurrency’s value which  touched $3000 early in the month, decreased by a considerable  percentage, and now stands at around $2600. While people continue to  wonder whether Bitcoin’s current price trend is a bubble or not, one  person says that the cryptocurrency is just getting started and will  soon reach new heights… mostly driven by the people’s need to have an  alternative investment. According to Jeremy Liew, a partner at Lightspeed Venture Partners,  the demand for Bitcoin and other cryptocurrencies will continue to grow  in the coming days as the world continues to move towards instability,  in terms of geopolitics, military interventions, etc. He was quoted by a leading financial news platform saying, 

“Bitcoin and the other digital currencies, they all  really see a lot of benefit in times of political and economic  instability. Fundamentally when a citizen doesn’t have faith in their  currency of their country, then they are looking for alternatives, and a  digital alternative like bitcoin becomes much more compelling in those  circumstances.”

Jeremy Liew states that majority of the demand for cryptocurrencies  in the future will originate from the parts of Middle East, South  America, and Eastern Europe. It will be driven by increasing concerns  over the governments being overthrown, a risk faced by many  Middle-Eastern countries and also in some of the Latin American nations.  The steadily growing currency inflation in many countries has increased  the risk of an economic meltdown, which will also play a crucial role  in driving the demand for Bitcoin. The current status of Venezuelan  economy stands proof of the connection between Bitcoin demand and high  rates of inflation. All these factors driving demand for alternative  financial assets will, in turn, cause the cryptocurrency’s price to  surge skywards. Jeremy is not the only one to voice the opinion. There have been many  price predictions in the recent days that puts Bitcoin’s price anywhere  between $5000 to $1 million in a span of 3-5 years.