The representative of the Fund Bitwise Asset Management believes in the growth of Bitcoin prices. According to the forecast, Hogan, the course of the main cryptocurrencies will grow by more than 500 percent in the next ten years. The analyst believes that the blockchain affects more and more aspects of society, according to Bitcoinist.
Forecast Bitcoin exchange rate – last year’s max, not the limit
The controversy surrounding the definition of the very essence of Bitcoin has been conducted for many years. Some experts are inclined to believe the cryptocurrency is the greatest economic bubble, others spend a parallel with gold and precious metals. As these assets, the crypt has limited emissions, the demand and rarity. Still, the volatility of Bitcoin has little to do with the price of gold, that’s why critics refuse to recognize the bitcoin and traditional financial asset.
One of the main definitions of the means of accumulation States that such an asset can be traded on the market and make a great subject for savings wealth. The asset should remain stable, which obviously can not say about Bitcoin. However, Hogan questioned the last statement – does it matter bitcoin to maintain a stable course, to be considered a full-fledged asset?
Their arguments Matt Hogan reinforces the analysis of the gold market of the 70-ies of the last century. During this time, the rate of precious metal soared from $ 100 to $ 2,200 per ounce. Despite such a large variation in price, gold is now recognized as a classic means of accumulation.
Gold is estimated at $ 1,300 per ounce due to the fact that people are willing to pay the same amount for the precious metal.
According to the analyst, Bitcoin is still very young financial asset. The sharp rise in prices at the end of 2017 is just the beginning of the uncovering of his real value.
Now capitalization of bitcoin has reached $ 130 billion, which is about two percent of the capitalization of gold at 7.5 trillion dollars. After ten years, the crypt may be able to achieve a share of 10 percent of the capitalization of the precious metal. Under such conditions, Bitcoin needs to reach the cost of 40,000 dollars, I’m sure Hogan.
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