A trader from Hong Kong who previously forecasted the 5 digit value of Bitcoins, is now forecasting that the value of Bitcoin will reach 100 thousand dollars by the end of 2018. Dave Chapman, managing director of cryptocurrency trading firm Octagon Strategy, was speaking on Bitcoins and predictions about next year with CNBC. He said when he predicted Bitcoin in 5 digits value earlier this year, analysts laughed but his prediction turned out to be true.
“I was quoted back in August when Bitcoin was trading at around $4000 that we would have a five-figure headline by the end of this year,” he continued, “I think a lot of people thought I was crazy, a lot of people scoffed at me, but that’s OK.”
Bitcoin witnessed an enormous rise in its value. The last three months were very interesting for Bitcoin enthusiasts and traders. The gigantic increase in its value every passing hour is making people considering Bitcoins as a get rich quick scheme and investing their money in it. Chapman also said that it is unfair to think that prices are only derived from speculations around Bitcoins and cryptocurrency.
“Bitcoin allows the immediate transfer of value from one individual in the world to any other individual in the world, and it does that without a middleman. That’s its value, “he said. “If you look at a bitcoin and its impact on finance, it’s really not that crazy to think that bitcoin could be a huge disruptor to finance as we know it today.”
Chapman’s forecast was met this year but his next year prediction looks a bit exaggerated. Bitcoin owners right now cant do much except to wait and watch their bitcoin’s value rising or falling. Its value totally depends upon price appreciation. If the value of Bitcoin increases, they will able to reap some fruits otherwise it is just a meaningless price of code.
Experts are predicting that the value of Bitcoin is expected to go down next year, which they are calling price correction. A further gain in the value is unheard of and not expected by many.
So lets see who is right and where Bitcoins ultimately end up!