Kenetic Capital managing partner has said that he expects bitcoin to reach $50,000 by the end of 2018 as the cryptocurrency market becomes globally accepted.
Chicago-based exchanges Cboe and CME are to launch their bitcoin futures contracts later this month, which are helping to boost the price of the market up to record highs. Just today, it was reported that the cryptocurrency had risen by 10 percent, nearing the $13,000 barrier.
Speaking about how digital currencies are perceived in Asia compared to the U.S., Chu argued that the Asian market is a lot more ‘nimbler’ than its counterpart, including that of China despite its crack down on initial coin offerings (ICOs) and domestic digital currency exchanges.
Billionaire hedge fund manager Mike Novogratz is another bullish individual on the price of bitcoin. Last month, he said that it could ‘easily‘ reach $40,000 by the end of 2018.