The head of the investment company Blackmore Group Phillip Nunn (Phillip Nunn) have made encouraging forecast for the exchange rate for bitcoin. In his opinion, the price of bitcoin will rise to $60 000 in 2018.
In this case, Nunn does not exclude that in the near future the rate will reach a record low — $6000. At the time of publication the price of one bitcoin is about $6700.
Their forecasts for Nunn is based on current market volatility. It is estimated that all funds now in the cryptocurrency markets, come from ordinary people, not institutional investors. This helps to ensure that negative news can greatly affect the mood of the participants and significantly undermine the market, which inevitably leads to manipulation.
However, the authorities are trying to deal with this phenomenon. Last month, the Department of justice (DOJ) the United States has begun a criminal investigation into possible market manipulation of the price of cryptocurrency, including bitcoin. In particular, the authorities have concentrated on tracking, spoofing, manipulation of the market, when traders “throw” the information about government regulations in order to mislead other market participants.
According to Nunn, the big banks and hedge funds want to be active participants in the cryptocurrency sphere, but I can’t find the entry point.
“If the pension Fund with a capital of 5 billion pounds will want to take a 5% position in cryptobytes, it will inevitably lead itself from its investors due to market volatility,” added Nunn.
He also commented on the recent statement of the investment Bank GP Bullhound about that in the next 12 months the price of cryptocurrencies can fall by 90%, which will cause the collapse of the market. Such lowering rates will destroy a cryptocurrency, but those that still survive will be in a strong competitive race. Nunn considers this statement a few “sensational”, although I agree that some cryptocurrency projects will disappear. According to him, such crypto currencies as bitcoin, litecoin, and Ethereum are the basis of all industry, but a huge number of tokens is the only alternative to venture capital that is already talking about the high probability of a failed outcome.
“In fact, no one knows how many of these projects fail. In this area there are guys who collect $50 million, although usually they manage to collect only $2 million in venture capital. So start-UPS that succeed, it may be a lot, because they have campaign funds and much more space”, — shared his thoughts Nunn.
Phillip Nunn is engaged in consultation with ICO project and is a supporter of blockchain technology. He believes that the blockchain will revolutionize all of modern industry and the world in the future will shift from “Internet” to “Internet values”.
Recall that not all the analysts share the optimism of Nanna, the opinions of other respected experts on the situation in the market can be read in our recent article.
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