Bitcoin [BTC] price may climb to $40000 by the end of 2018: expert
"With growing pains also comes great growth," says Chris Kline, the Chief Operations Officer of BitcoinIRA. He remains bullish on Bitcoin despite its fall from a peak of $20000 recorded in January 2018. The financial expert is optimistic about the future of the largest cryptocurrency in the market. He sides with billionaire investor Marc Lasry to opine that BTC prices could continue its climb and touch $40000 by the end of 2018.
Getting down to the brass tacks
Kline lists out four reasons for justifying his bullish Bitcoin price prediction. The first one he quotes is the Bitcoin ETF proposal and said he is hopeful that they will be approved by the SEC. Bitcoin ETFs can open the Bitcoin market wider making it more accessible to investors. He believes that these ETFs would particularly benefit the investors who want to invest in a crypto fund rather that crypto itself.
"Launching a bitcoin ETF would, to me, be a crucial advancement in the cryptocurrency sector, as it will make digital currencies more accessible to a wide range of people who might currently deem them too volatile or high-risk," said Kline, according to a Forbes article.
Mastercard's July 2018 patent to build a technology that could quicken the pace of blockchain transactions. Currently, one blockchain based transaction can take up to 10 minutes. Mastercard's technology will supposedly reduce the transaction time by creating a user account that transacts in cryptocurrencies. If this technology is launched in the market it will enable customers to use their credit card which has a digital currency reserve. Kline indicates that the consumer interest towards blockchain technology is rising. Mastercard's patent can exploit this growing interest and help cryptocurrency become an 'ingrained' part of a person's daily life.
The third reason he points out is the surge in the number of institutional investments received by the blockchain and crypto companies. "I believe that as more financial institutions build out crypto products and with the likely passage of bitcoin ETFs, more investors at both the individual and institutional level will get involved with bitcoin, which will reflect positively in the price," said Kline.
Kline believes that a momentum is building for Bitcoin prices. He founded his theory based on the recent data that suggests an increase in the number of on chain transactions. The data revealed that the number of on chain transactions per day was more than 230,000, the highest since the beginning of the year. The increase in on chain transactions implies that there is a rising demand for cryptocurrencies. The demand is bound to increase with evolving technology and wider access to cryptocurrencies.
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