The bitcoin price has achieved a new all-time high on November 26 at $9,060, moving closer to the $10,000 region.
Earlier this year, highly regarded investors and financial analysts including RT’s Max Keiser and billionaire hedge investor Mike Novogratz established the interim price target of bitcoin at $10,000.
In an interview with Binary District, Keiser further emphasized that in 2018, the bitcoin price could move closer to the $50,000 mid-term target, as tens of billions of institutional money flows into the bitcoin market.
“Bitcoin only has to grab a few % points of the global multi-hundred trillion investment market to realize a market cap of $1 trillion and beyond,” said Keiser.
Over the past 12 months, bitcoin has shown strong resilience against the criticism and baseless condemnation from the traditional finance sector. Several public figures such as JPMorgan CEO Jamie Dimon falsely accused bitcoin of being a fraud, with the intent of degrading bitcoin that has become a competition for the global banking system.
However, despite the harsh criticism from Dimon, it has been revealed that JPMorgan traders have traded bitcoin since September through Sweden’s Nordic Nasdaq, and will continue trading bitcoin futures contracts upon CME Group’s December 11 launch of a bitcoin futures exchange.
Keiser emphasized that the public and general consumers are beginning to understand the advantages and merits of a decentralized financial network like bitcoin, and the deceptive nature of banks. This year alone, JPMorgan was fined $12 billion for mortgage fraud, and was cracked down by the Swiss financial authority FINMA for money laundering.