Bitcoin To Drop As Low As $1000 This Year, Wall Street CIO Predicts
January 23 2018 - 4:24AM
ADVFN Crypto NewsWire
Bitcoin To Drop As Low As $1000 This Year, Wall Street CIO
Predicts
Peter Boockvar, the Chief
Investment Officer at Bleakley Advisory Group, sees the potential
for Bitcoin (BTC) to be around
for a long time, but with a significant price drop coming when the
Bitcoin bubble bursts, according to CNBC.
Boockvar sees a possible 70 to 90
percent price drop for Bitcoin this year, saying:
“Over the next year I wouldn’t be surprised if it’s [BTC] down
to $1,000 to $3,000.”
When asked if the stock market would
crash in the event of a significant fall in Bitcoin’s price,
Boockvar said that any corresponding drop would just be
psychological, because Bitcoin is “not something that really is
that relevant in a 19 trillion dollar economy.”
However, he adds that people
in South Korea, Japan, and the US who have been taking on
credit card debt in order to invest in cryptocurrency will be hit
hard.
Boockvar told CNBC that the boom in
crypto markets can be attributed to easy-money policies of central
banks and money printing. These moves make some cryptocurrencies,
like Bitcoin, more attractive to investors, due to the fact that
they are both finite and safe from debasement and inflation.
People have long
questioned whether Bitcoin fits the mold of a
traditional “bubble.” Yale economist Robert Shiller, who
won a Nobel prize for his work on financial bubbles, used Bitcoin as an example of a
bubble in September 2017. However, in January 2018,
Shiller then said that he didn’t know what to make of Bitcoin,
adding that it could be around for another 100
years.
BTC is trading at
around $11,820 at press time, down about 1.52
percent over a 24 hour period.
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