Bitcoin price could PLUMMET down to $1000 in NEXT year, according to finance expert
BITCOIN price could plunge down to $1000 in 2018 as fears the bitcoin bubble is bursting and will continue to decline, finance expert Peter Boockvar has warned.
But Mr Boockvar, Bleakley Advisory Group CIO, said: “But the price itself, I wouldn’t be surprised if over the next year it is down to 1000-3000.”
Mr Boockvar said the fears bitcoin could implode and take the stock markets down with them are “more psychological”.
He told CNBC: “Now, maybe in South Korea and Japan and even in the US, where people are taking on credit card debt to buy coins. Yeah, they are going to be necessarily contacted.
I wouldn’t be surprised if over the next year bitcoin is down to 1000-3000
“So cryptocurrencies roll over and collapse, then maybe that’s a sign that the risk-taking attitude of investors is changing. Maybe that’s because of monetary tightening that intensifying this year.”
He added, “I don’t see it having a major impact if the price of bitcoin continues to decline.”
Bitcoin price increased to $11,833.38 at 12:00pm on Friday, according to CoinDesk. It saw its highest value before Christmas when it reached the monumental price of just under $20,000.
Mr Boockvar said the bitcoin boom is likely to have emanated from central banks because there was a demand for an alternative currency that can’t be “debased and inflated” by central banks and can be used as a meaning of exchange.
Bitcoin is a cryptocurrency not controlled by a single administrator and can be used to buy things worldwide electronically.
Bitcoin’s popularity has caused demand to skyrocket throughout 2017, pushing other cryptocurrencies like Ripple and ethereum to also take advantage of the cryptocurrency craze.
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