It’s that time of the year again where the world wide web is to be filled with start of the year lists. Whether it is about new year resolutions or predicting the future events of the year, you will find your go-to information websites to have at least one of them for your reading pleasure.
We thought it would be fun to compile a short list of our own that predicts how 2018 would look like for the cryptocurrency world.
Here are the industry’s top 3 predictions relating to cryptocurrency:
First, Bitcoin could rise to $50,000.
According to Spencer Bogart, a Bitcoin expert, the premier cryptocurrency could see a rise to $50,000 in 2018. In his interview with the Daily Express, Bogart stated that “I can’t tell you exactly what’s going to happen with price and neither can anybody else. But when I look out over the next 12 months, what I see is a significant supply and demand imbalance at the current price levels.”
He further explained that due to these factors, he thinks that “we’ll need to force the price higher.” “The majority of Bitcoin is again locked down with long terms holders. So there’s not a lot of supply available,”
Bogart continued. “And meanwhile, we have this new uptick on the retail side.” While this might seem idealistic for now, we need to keep in mind that people had the same notion about expert opinions in early 2017 that attributed to Bitcoin surpassing $10,000 in value by the end of year (Bitcoin started 2017 at a value of $974). It would be prudent to mention that it surpassed the psychological value of $20,000 just before 2017 ended.
Second, regulators will be ready to act.
If the last few months of 2017 were any indication, 2018 will be the year that the regulators will be looking into cryptocurrencies thoroughly.
What with the European Union taking initial measures along with other nations starting to take notice of this new financial aspect, it seems that this year will be full of discussions on how one could regulate Bitcoin and other cryptocurrencies along with it.
Adding weight to that prediction: French Finance Minister Bruno Le Maire revealed in December that he plans to bring the matter to the table during the G20 summit that is to be held in Argentina.
“I don’t like it; it can hide activities such as drug trafficking and terrorism,” Le Maire had stated. “There is an obvious speculative risk, we need to look at it, study it.”
In addition to that, an Italian official, who asked not to be named, stated that Italy would be backing the discussion put forth by Le Maire.
Third, major institutions will be ready to join the cryptocurrency world
Chicago Board Options Exchange (CBOE) got to be the pioneer in shaking off the stigma associated with Bitcoin and became the first major financial institution to hold Bitcoin futures. CME Group immediately followed suit with their Bitcoin futures and having these two institutions associated with the brand of Bitcoin was such a positive move that it paved the way for cryptocurrency ETFs.
As per reports, such ETFs could be available during early 2018. If everything goes smoothly, they will undoubtedly help cryptocurrencies in further establishing their reputation and providing for further stability and growth.