Julian Hosp is still bullish about Bitcoin. The co-founder and president of TenX believes that $60,000 per Bitcoin in 2018 is quite possible.
At the moment the euphoria seems to have subsided somewhat, but with the upcoming Bitcoin ETF decision, it is quite a positive event that could affect the entire crypto currency market. Earlier this year Julian Hosp predicted that we would it is quite a positive Ethereum Code see two extremes. The first was the $5,000 mark and a new all-time high of $60,000. The question was which event would happen first. The TenX co-founder was at the RISE conference in Hong Kong and spoke to CNBC:
“Back then, in December, the price was $20,000. I predicted for 2018 that we would see $5,000 and $60,000. So $5,000, we made it, so let’s see if we can reach the $60,000. I’m still very confident.”
However, the TenX president admits that a “massive positive event” is necessary for Bitcoin to reach the $60,000 mark this year. He stressed that an officially SEC-approved Bitcoin ETF could be such an event.
Hosp admitted that the Bitcoin price must reach $10,000 in August for it to eventually reach a new all-time high. Of course, the mainstream media play a big role in this context, as he stresses, because they will stimulate a FOMO phase as soon onlinebetrug as the Bitcoin price rises above $10,000.
In the video with Youtuber Sarazar, Julian Hosp stresses how important the $10,000 to $12,000 mark is as many investors had sold at this price level. Reaching this mark again can create a FOMO situation (Fear of Missing Out) so that the price could get enough momentum.
Why are all bullish about Bitcoin?
Recently, there has been an increase in forecasts from well-known Bitcoin enthusiasts. But why are so many currently in a positive mood, even though the current price level looks relatively gloomy?
Personally, I think there could be two scenarios in 2018 that could trigger a bull rally. Firstly, the decision on a SEC-approved Bitcoin ETF is very clear. This gives traditional investors the opportunity to invest in the BTC market “without risk”. The addition that the deposits are insured not only promotes the trust of the institutions but also strengthens the infrastructure around Bitcoin.
Furthermore, in my opinion, custody is extremely important. At the moment, traditional institutions or major investors have almost no possibility to invest securely in Bitcoin and other crypto currencies. With an appropriate storage solution the risk is minimized and the acceptance is increased.
Coinbase has already released a custody solution that will become increasingly popular in the coming months. It is possible that major banks will also try to gain a foothold in the custody market, as this type of service can and will be quite lucrative.
The financial system remains under great pressure. Since the 2008 financial crisis, little has changed to dispel existing concerns. IMF chief Christine Lagarde admits that the global economy is currently not in the best of hands. She also remains optimistic about the future of various crypto currencies.
The economic crisis of 2008 has shown the world how fragile the global economy really is. No country has been spared the proverbial onslaught. Ten years later, many countries are still recovering from these setbacks. It seems that the situation will only get worse over time. Recent developments between the G7 and President Trump continue to confirm that the situation is not moving in a positive direction.
The setback of the G7 can prove to be quite problematic. The aim of the last meeting was to create a free, fair and mutually beneficial trading ecosystem. President Trump seemed to agree at first, but eventually withdrew. Instead, he is showing signs of US-oriented isolationism that will further break the fragile world economy.
IMF chief Christine Lagarde shares her concerns on this issue. She is convinced that Trump is questioning the way trade is conducted and wants to damage corporate confidence. Lagarde also confirms that “dark clouds are forming” and the situation will continue to escalate. Tensions in the financial world are increasing, creating new opportunities for new assets to take the lead.
The IMF and crypto currencies
Despite these ongoing struggles in the financial sector, Christine Lagarde is optimistic about crypto currencies. She previously reported on how Bitcoin can enable fast and cost-effective transactions. It is a solution that the financial industry has been looking for over the past decades. However, this currency will only be used worldwide if it is regulated accordingly.
According to the IMF chief, the “surviving” crypto currencies can play a role in “how people save, invest and pay their bills”. That in itself is a big approval of Bitcoin and other currencies.
There is little the organisation can do to get President Trump to reconsider his current stance. Moreover, the positive attitude towards crypto-assets may have some interesting consequences in the coming years.
Whether Bitcoin can save the economy is a completely different matter. Bitcoin is essentially a global currency, but still needs significant scaling improvements (Bitcoin Lightning Network) before BTC can be deployed on a larger scale.