Bitcoin Remains Low but Hopes Remain High

This week, bitcoin started above $6,500 but dropped down to the red for most of the week. It reached as low as $6,310 and remained under $6,400 for most time of the week. Last month, it entered the market with the market cap of about $114.5 billion but after remaining low for the entire month, exited the month at the market cap of about $109.5 billion. So far, the month of October has been the weakest month of 2018 for bitcoin.

Src: www.coinmarketcap.com

Besides staying low for most of the month, people’s faith in the cryptocurrency remains high. In the past, Tim Draper, founder of Draper Fisher Jurvetson (DFJ), was seen bullish on the future of bitcoin. He predicted and remained steadfast on bitcoin reaching $250,000 by 2022. Michael Tozoni, Bitcoin economist, investor, and entrepreneur, experienced in digital currencies, finance, tech, and economics, talked to BlockPublisher while sharing his views on bitcoin. When he was inquired about his take on Tim’s prediction, he was found equally bullish on the prospect of bitcoin. He stated:

Eventually it’s inevitable. Bitcoin is like the internet in the world of telephone landlines. The goal is to have it replace all other currency, and that are a lot of very wealthy people who aren’t even motivated my money who want to see it succeed.

Recently, Tom Lee, the co-founder of Fundstrat Global, a Wall Street analyst and most importantly a bitcoin bull, applauded the stability offered by the bitcoin. He explained that it was surprising that despite having a low market cap, bitcoin managing to hold its stability was pleasantly remarkable by the cryptocurrency. In the past, Tom Lee had predicted that bitcoin would be climbing as high as $25,000 by the end of 2018.

In very recent, bitcoin prospects pleased the government of New Zealand as well. New Zealand’s government granted funds of about $330,000 worth to a local bitcoin startup, Vimba. Vimba allows crypto users based in the country to use national currency for buying bitcoin and ethereum. CEO of Vimba, Blackmore is also bullish on the bitcoin. He expects the market cap of bitcoin to match the market cap of gold, which means that he expects the price of bitcoin to reach about $600,000.

Apart from this, the bitcoin whitepaper by Satoshi Nakamoto marked its completion of 10 years which was celebrated by many people. They revived and refreshed the vision of Satoshi by endorsing his whitepaper. The enthusiasm of people depicts that they remain hopeful and optimistic for the future of bitcoin.

Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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