Cryptocurrency

Bitcoin to reach 100,000 dollars by the end of 2018, expert trader

A trader from Hong Kong who also forecasted Bitcoin’s 5 digit value early this year 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 with CNBC on Bitcoins and predictions for the next year. He said that when he predicted Bitcoin in 5 digits value earlier this year, analysts laughed at him but his prediction turned out to be true.

Must Read: A guide on how to buy Bitcoin

“I was quoted back in August when bitcoin was trading at around $4,000 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 has seen an enormous rise in its value. The last three months have been very interesting for Bitcoin enthusiasts and traders. Owing to the gigantic increase in its value with every passing hour. A lot of people are considering Bitcoin as a get rich quick scheme and investing their money in it.
Chaplan also said that it is unfair to think that the prices are only derived from speculations around Bitcoin 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 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.”


While Chaplan’s forecasts were met this year but his next year predictions look a bit exaggerated and over the top. Right now, Bitcoin owners can’t do much with their Bitcoins. Its value is totally dependent on price appreciation, if the value of Bitcoin increases, they will be able to reap some fruits otherwise it is just a meaningless piece of code.

Experts are predicting that the gain in Bitcoin value is unheard off and the value is expected to go down in early next year which they are calling price correction.

Sponsored
TechJuice

Pakistan's premier website covering everything about Technology, Startups and Entrepreneurship! Email: editors@techjuice.pk

Share
Published by
TechJuice

Recent Posts

Rumors Indicate iPhone 17 May Feature Unconventional Camera Design

Apple is reportedly preparing for a significant design overhaul with its iPhone 17 series, blending…

12 mins ago

First AI-Powered Teacher Launched in Pakistan’s Private School

Karachi: A private school in Karachi has unveiled Pakistan’s first AI-powered teacher, a groundbreaking move…

1 hour ago

Yahoo Surprises Users with Its Latest Android Launcher

Third-party apps have long been a staple of the Android ecosystem, but their appeal has…

3 hours ago

Phase-II Review of PTCL-Telenor Deal Finalized by CCP

ISLAMABAD: The Competition Commission of Pakistan (CCP) has completed its Phase-II review of Pakistan Telecommunication…

3 hours ago

Xiaomi’s SU7 Achieves New Production Record, Driving Q3 Growth

Xiaomi has shattered records by producing 100,000 vehicles in just 230 days. This is nearly…

4 hours ago

Teachers Can Now Access OpenAI’s Free AI Course

OpenAI, in collaboration with nonprofit organization Common Sense Media, announced on Wednesday the launch of…

5 hours ago