The president/co-founder of the popular cryptocurrency payment platform, TenX confidently pointed out that there is still a potential for Bitcoin to hit the $60000 mark in the end of 2018 despite the fact that Bitcoin price suffers from a plummeted price around $5700 this year.
“I predicted for 2018, we’re going to see $5,000 and $60,000. So $5,000, we pretty much hit it, so let’s see if we can do the $60,000. I’m still quite confident.”
“Massive Positive event” needed for the upswing of BTC
However, Hosp also pointed out that in order for Bitcoin to reach a price of $60,000, some major event that will bring significant positive effect is needed. For instance, if an influential country decided to make an announcement which is extremely positive for Bitcoin or the exchange-traded funds of Bitcoin are approved, Bitcoin price is expected to experience some serious increase. Hosp also conceded that the major upswing of the world largest cryptocurrency could take a little longer if the situations stated above failed to happen. With the halfway mark of 2018 just passed recently, Hosp believes that in order to reach the $60,000 mark at the end of 2018, the price of bitcoin should exceed $10,000 by this August. Hosp also explained in his aforementioned forecast for 2018 that the intense fluctuation of the digital coins’ price will continue to be native to crypto until the space sifts by way of the unnecessary rallies and projects which are hiding behind those that provide tangible functions and real values.
“We let the price take care of itself” says the Ethereum co-founder
It is no doubt that the crypto market has been going through some serious roller-coaster experience from the end of 2017 until now. Cryptocurrency prices have experienced a significant decline this year and the increased regulatory pressure from authorities and government all around the world might be a major contributor to this phenomena. Upon commenting on the current cryptocurrency market, Joseph Lubin, the co-founder of Ethereum and founder of Consensys told the Canadian Broadcasting Corporation (CBC) that instead of focusing on the price of the cryptocurrency, the development team of his are more devoted in constantly improving the infrastructure for the digital currency. He states that the fluctuations of price does not necessarily leads to an adverse effect, instead it could attract more attention to the Ethereum ecosystem and possibly brings in more investment.
“If price is high or if price shoots up and down, it’s actually great for us because it draws attention to our ecosystem, it draws entrepreneurs, it draws technologists and all of that interest drive fundamental value.”