It takes a brave soul to bet it all on bitcoin. Yet six months ago, that’s exactly what one Redditor did, using $325,000 of equity to purchase 191 BTC. As one commenter put it: “Firstly, let me wish you good luck. Second, let me tell you how much of an idiot you are.” As bitcoin kisses the symbolic $10k threshold, a new wave of intrepid souls has emerged, willing to lay it all on the line in the name of bitcoin. Will history prove them to be shrewd or stupid? That all depends on which analyst you consult.
Heavy Hitters Spar with Bitcoin
By whatever metric you choose to measure it, bitcoin has gone parabolic. Half a million newcomers are believed to be entering the market every day, and the bitcoin bounce is blessing everything from BTC domain names to cryptocurrency-related stocks.
Former hedge fund manager and major bitcoin investor Mike Novogratz has said he sees bitcoin multiplying four-fold by the end of 2018. But he’s also hedged his bets by saying there could be a 50% correction. The former Fortress hedge fund manager appeared on CNBC on Monday where he said:
Bitcoin could be at $40,000 at the end of 2018. It easily could.
Novogratz also predicted Ethereum tripling in value within the same period. Thomas Gluckman, head of marketing at Hong Kong’s Gatecoin exchange, also believes there’s still ample scope for growth. When quizzed about bitcoin on Bloomberg, Gluckman said:
I would still argue that it is highly, highly undervalued. If you look at the long-term potential of the technology in the next 10, 20, 30 years, $10,000 is cheap in my opinion.