NEX’s CEO: Bitcoin Could Go a Long Way Down After Hitting $20,000

The CEO of U.K.-based NEX Group Plc has said that he sees bitcoin reaching $20,000, but that at some point it is going to go a ‘long way back down.’

Michael Spencer, the CEO of the electronic and post-trading business, said of the digital currency in an interview with Bloomberg that ‘you’ve got no idea if it’s going to double before it halves.’

He said:

But between now and then, who knows, it could hit $20,000 pretty damn quickly.

His price estimation comes at a time when bitcoin recently hit $11,000 for the first time, pushing it further into the mainstream. With increasing interest from Wall Street and heightened trading from Asian investors, the cryptocurrency has been enjoying an upward surge in value of late…

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