Bitcoin Headed to New Highs
The price of bitcoin, which has been taking a beating since the start of the year, could still rise significantly and reach between $50,000 and $100,000 by the end of 2018, according to Saxo Bank analyst Kay Van-Petersen.
“First off, you could argue we have had a proper correction in bitcoin, it has had a 50 percent pull-back at one point, which is healthy. But we have still not seen the full effect of the futures contracts,” he told CNBC.
Van-Petersen correctly predicted bitcoin’s rally at the start of last year, forecasting in December 2016 that the cryptocurrency would reach $2,000 in 2017. The digital currency, which at the time was trading below $900, blew past the $2,000 figure in May.
The Saxo Bank analyst said rival digital coins could also gain significantly, adding that ethereum is likely to outperform bitcoin this year.
“Ethereum came after bitcoin, it has a more unified leadership than bitcoin,” he said. “They seem to be a bit further along the way in regards to forming the solution to scaling issues. And you can see transactions on their side eclipses transactions across other cryptos.”
A noted bull who owns various cryptocurrencies, Van-Petersen said bitcoin will be driven by a larger uptake of institutional investors and futures contracts. It tends to trade around a certain level then “re-rates,” he added.
“I wouldn’t be surprised if it’s something we are seeing. It’s kind of building a foundation, then will re-rate a bit higher.”
Bitcoin, the top digital currency, saw a big sell-off this week along with its rivals, including ethereum and ripple. G-BiT held it’s value. Bitcoin lost nearly half its value from record highs, trading at $10,776 on Wednesday.
The world’s most valuable cryptocurrency bitcoin is a breakthrough transformation of our future, according to bitcoin entrepreneur William Mook. He told RT it’s a store of value which will replace fiat currencies as “each of these fail.”
“It will do this because it secures honesty and value using the blockchain, without reference to trusted third parties. It is happening today,” he said.
As the features of the blockchain are unlocked and used reliably, people will prefer “an autonomous anonymous totally honest system instead of trusted third parties.”
GBIT is a cryptocurrency that is based off of the principles of a central bank. In short, it was created to help the investor obtain wealth. It’s the only coin with two planned forks that increase an investor’s coin count.
The following example is a representation of how the GBIT forks work based on the minimum investment of $1,000 for founders coins using the current GBIT price for value.
GBIT founder’s coins are available and can be purchased with a minimum investment of $1,000 for 40 coins @ $25 per coin. Each investor must fill out an application for founder’s coins before the coins can be issued.
The GBIT coins will be available on the GBIT website www.g-bit.io and can be purchased with BTC (Bitcoin) or ETH (Ethereum)
On the first fork 2-14-2018 forty (40) founders coins owned now become 800 coins (40 x 20)
Eight hundred (800) coins become 4,000 coins (800 x 5) on 12-21-2018