Bitcoin price will hit $30,000 by the end of 2019, according to Kenetic Capital co-founder Jihan Chu. In an interview with Bloomberg, he points to three bullish factors including the upcoming bitcoin halving, the disappointment of tech IPOs, and the likes of Facebook and Fidelity embracing crypto.
1. BITCOIN PRICE BOOSTED BY FACEBOOK, JP MORGAN, FIDELITY
Chu says big companies will drive the next phase of bitcoin adoption. Facebook recently announced its “Globalcoin” project while JP Morgan revealed its own JPMCoin to settle payments. Fidelity has launched institutional crypto custody.
2. AN ALTERNATIVE INVESTMENT TO BORING IPOS
Chu also touched on a new theory. He thinks investors may have turned to crypto in the wake of disappointing technology IPOs. Lyft and Uber public offerings fell flat this year. Are traders looking for a different tech play?
3. THE BITCOIN HALVING IS COMING
This is the most compelling argument of all. In May 2020, the reward for mining bitcoin will be halved. This four-year halving is designed to keep bitcoin’s 21 million hard cap supply.
$30K BITCOIN TARGET, WITH OR WITHOUT AN ETF APPROVAL
There is still much speculation about the impact of a bitcoin exchange-traded fund (ETF). Many argue it will ignite the bitcoin price by allowing traders an easy vehicle for crypto exposure. But Chu isn’t optimistic about ETF approval any time soon.
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