Is it still possible for Bitcoin to reach $20,000? This is the question that many investors have in mind. In fact, at some point in June, Bitcoin lost 70 percent of its price during its all-time high in December. And for many investors, this is quite a reason to get scared where Bitcoin would be in the next few months.
For Cameron Winklevoss who works as the president of New York-based cryptocurrency exchange Gemini, he remains bullish on the future of Bitcoin.
Winklevoss hired New York Stock Exchange Chief Information Officer Robert Cornish as part of the company who will be tasked to expand the range of products of Gemini.
The range of products offered by Gemini is expected to expand with the addition of Cornish. Over time, Gemini plans to offer hedge funds as well. Currently, Gemini supports cryptocurrencies such as Zcash, Bitcoin, Bitcoin Cash, Ether, and Litecoin is also coming up.
Waiting for Institutional Investors?
It is no secret that many crypto businesses today are looking forward to the day that institutional investors are involved in the market. There are those who believe that it is just a matter of time now that there are regulatory changes that make the crypto market more defined. The US Securities and Exchange Commission has considered both Bitcoin and Ethereum as securities.
However, when exactly are institutional investors getting involved? The truth is that no one knows for sure. Despite regulatory changes, the market is still filled with a number of problems such as ICO offerings that have turned out to be fraud, stolen funds directly from crypto exchanges and many more.
Winklevoss doesn’t see the bearish market to be a problem. In fact, this doesn’t stop Gemini from developing newer products. He believes that every asset has experienced both bull and bearish market. And also, he told CNBC that Bitcoin is the “gold 2.0”. He also sees the asset to become a trillion-dollar asset in time.
Tom Lee’s Prediction
Fundstrat’s Tom Lee mentioned in the past that he predicts Bitcoin to surpass its all-time high this year. Though he retracted his $25,000 prediction to $22,000 recently, he still believes that Bitcoin is going to soar higher in the coming months. And this is quite interesting considering that we are already halfway done in 2018.
However, looking at how things are developing, it seems that there are steps towards regulatory clarity. The EU Parliament also released a paper saying that banning cryptocurrencies is a big mistake on the part of regulators.
But of course, there are those that don’t have the same opinion regarding the future of Bitcoin. In fact, Bill Gates and Warren Buffet are on the same page saying that Bitcoin isn’t an investment. “Wolf of Wall Street” Jordan Belfort earlier this month even said that investors should “Get out if you don’t want to lose all of your money”.
Though the future of Bitcoin is still in a limbo whether or not it is going bullish in the coming months, it remains true that cryptos are highly volatile and anything can actually happen.