Can Bitcoin reach this high?
In the World Economic Forum in Switzerland, Jeet Singh, a cryptocurrency portfolio manager, talked about the vital role of cryptocurrency in the present world’s economic progress. They were assimilated to Silicon giant’s Microsoft and Apple when they initially campaigned for their products. The presence of resistance was recognized as an initial reaction of the mass market. It was not accepted entirely at first for its impact will hit on a global scale. The volatility of stocks is a major setback for today’s giant corps, but after they have earned the trust and gained avid clients, the proved that their fluctuation is a sign of progress.
This year, Bitcoin is being adapted to the market. A new generation of millennials is becoming fully aware and starting to embrace the concept of decentralized currency.
According to Singh, bitcoin might have to through an adjustment stage in its $10,000 mark but surely will breakthrough at $50,000 this 2018.
On the other hand, some financial analyst does not seem to accept the idea of cryptocurrency existing as a currency. In an interview with CNBC, Bank of Canada boss, Stephen Poloz, does not agree that cryptocurrency is an asset. Implying that he does not see its intrinsic value and is more likely gambling than an investment.
Despite Poloz contradicting idea about cryptocurrency, Canada is perceived to be a prime destination for Bitcoin mining. With the Chinese hitting the Canadian market, no one is stopping the bitcoin frenzy.
The continuous skyrocketing interest of the younger market to Bitcoin is a sign for its lasting impact and a longer stay in the economic desk. No one can guarantee the sustainability of the system, but the stabilization did not go unnoticed. There had been some setbacks in the trend of cryptocurrency but with awareness being raised the number goes up.