The success of Bitcoin continues to baffle market analysts, most of whom never expected for the cryptocurrency to become a very sought after commodity. And it’s hard to understand why. Since its introduction eight years ago in 2009, Bitcoin’s price continued to skyrocket, easily breaking through barrier after barrier and eventually attaining its stratospheric price of over $16k today.
But at $16K, are we finally nearing Bitcoin’s price ceiling? Not quite yet, according to Dave Chapman, a digital asset trader who foresees even brighter prospects for the digital currency in the near term. In fact, Chapman predicts that by 2018, Bitcoin could enter an explosive growth period with the possibility that the cryptocurrency might even breach the $100K mark.
Dave Chapman, managing director at Octagon Strategy, was interviewed by CNBC’s Squawk Box after the futures market had opened regarding Bitcoin. His comments included a six-figure price point by the end of 2018, and more interesting use cases forthcoming.
The digital asset trader made it clear that the recent run up in values only indicates the potential for more in the future, with mainstream adoption just beginning to come online. Crossing over $100,000 would be a massive psychological barrier, but Chapman believes it’s possible. He said:
“In terms of looking forward, I would say that throughout the continuation into 2018, I wouldn’t be surprised to see a six-figure headline.”
Don’t miss the big picture
However, Chapman also indicated that the most interesting aspects of Bitcoin were not its price, but its many use cases as the market continues to mature. Because of the inclusivist nature of Bitcoin, the bigger picture about access to financial applications should predominate thinking. He said:
“The price to me is probably the most uninteresting component of Bitcoin. I’m more excited about the applications…about what this means to people who don’t have access to financial inclusion. And I think that if we focus on the price, we’re losing track of the big picture.”
Finally, Chapman concluded the interview with a chuckle, saying that he would ‘happily’ go on the record to bet that a Bitcoin ETF was in the near future, as the Securities and Exchange Commission (SEC) has approved the futures markets.