Despite the recent bloodbath in cryptocurrencies, Bitcoin bull Arthur Hayes said the popular digital coin will reach $50,000 by the end of the year.
Bitcoin's price has been on a wild roller coaster with investors, but "something that goes up to [around] $20,000 in one year can have a correction," Hayes, the co-founder and CEO of BitMEX, said on "Fast Money" Friday. BitMEX, or Bitcoin Mercantile Exchange, is the largest cryptocurrency trading platform by volume.
"We could definitely find a bottom in the $3,000 to $5,000 range," he said. "But we’re one positive regulatory decision away, many an ETF approved by the SEC, to climbing through $20,000 and even to $50,000 by the end of the year."
In May, Hayes told CNBC that bitcoin would reach $50,000 by the end of the year. He remained bullish on his forecast about the coin, despite a deep retrenchment in the digital currency's price.
Last week bitcoin, the largest cryptocurrency by market cap, fell below the $6,000 mark. The coin was priced around $5,900 Friday 5 p.m. ET, a steep decline from the December 2017 highs of around $19,500. Bitcoin is down 57 percent in 2018.
Meanwhile, ethereum, litecoin, bitcoin cash and ripple are down for the year as well. But Hayes pointed out that bitcoin's volatile nature — and the possibility of large gains —is what makes it so attractive to investors.
"We’ve done these kind of moves before," he said. With more people in the market comes more capital and the potential for faster jumps in price, Hayes added.
"Now that we have more visibility, more people talking about [bitcoin], the time between an aggressive bear market and an aggressive bull market, I think, is going to shorten," he said.
Source: CNBC
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.