Fall in Stock Market Could Lead to Bitcoin to New All-Time High

guest analyst   14 Nov, 2018   news.eBitcoinics.com   Views: 91

Max Keiser, an investor in crypto, a fund partner and digital assets advocate has predicted that Bitcoin could surpass its previous all-time high price as the stock market dropped this week. Bitcoin’s previous all-time high was achieved on December 17, 2017, at a rate of $19,783 before falling below $19,500 that very same day.

The Recent Shares Fall in the Stock Market

Tech giants, Apple, which recently crossed the one trillion dollar market in market value, and Goldman Sachs, the world’s leading global investment banking, securities, and investment management which has been recently engulfed in accusations coming from Malaysia’s Prime Minister, have both experienced a drop in prices of their shares. The drop for both has equaled roughly about a 160- point loss for the Dow Jones November 12, and this has led Keiser to make a suggestion that the index might experience a fall to below the 10,000 barrier in future. Keiser wrote on his Twitter page that;

“10 (years) of cash transfusions from central banks – masking the globe’s economic death in 2008 – hasn’t worked. Dow 10,000 here we come. #BTC (Bitcoin) will make new ATH (all-time high).”

The Dow last experienced a major fall to 10,000 during the banking crisis ten years ago, which led to a global recession. The crisis was as a result of deregulation in the financial industry. It permitted banks to engage in trading hedge funds with derivatives. Currently, the Dow has bobbed about the 25,000 point for most of 2018.

A lot of other known cryptocurrency commentators including Kesier have long heralded a return to stability for the Bitcoin price. This, however, is looking less likely by the moment as the cryptocurrency market has not shown any signs of reaching its previous all-time high of 829 billion dollars on January 7th, 2018 before plummeting badly reaching points below $200 billion.

cryptocurrrency

In recent reports, the anticipation of institutional investor money on raising prices in the cryptocurrency market is still running high. Top cryptocurrencies, however, keep on dropping slowly in prices as recorded on CoinMarketCap.

Opinions on Bitcoin Prices

Many on the wealthy side are, however, still optimistic about Bitcoin. Billionaire investor, Tim Draper, just last week stated at Europe’s largest FinTech conference Summit 2018 to predict that Bitcoin would hit prices of $250,000 at the very latest, by 2023. Blockchain wallet’s CEO, Peter Smith, and Managing Capital co-founder Garry Tan also corroborated this fact but shied away from predicting a particular figure. However, they all agreed that by this time next year, Bitcoin would certainly be worth more in terms of market capitalization and price. Billionaire investor, Tim Draper, said;

“…My prediction for $250,000 by 2022 – maybe 2023 but in that range – is absolutely solid, but I’m not so sure how we’re going to get there.”


All Comments (0)

No comment yet

Leave Comment




1+4