While Bitcoin price is way down from its $20k December high, TenX co-founder Julian Hosp remains bullish, saying headway in regulation and infrastructure can shoot Bitcoin up to $60k.
Peaks And Valleys
The startup exec said the first part of his December prediction, that Bitcoin will plummet to $5k has come true. He is confident the second part with Bitcoin soaring to $60k will happen.
When asked how can it happen, Hosp replied:
“Two ways. Either we are gonna see a massive positive event this year — could be a Bitcoin ETF, could be some country being very, very positive for Bitcoin.”
In the absence of two such events, Hosp theorized the $60k mark for Bitcoin could take longer.
Keepers Of The Gate
The regulators play an important part “trying to find this perfect path.” Countries, he proposed, should not try to inhibit decentralization but instead focus on clarifying what can be allowed.
There’s been a notable change in the regulators’ mindset. Influential countries including Japan, Germany, Hongkong, Singapore, US, and EU in general “are doing their best.”
Arthur Hayes, CEO of BitMEX, shares Hosp’s faith in Bitcoin’s capability to come back big time. He created a stir in “cryptocurrency news” circles back in May when he too predicted Bitcoin will end 2018 at $50k. Hongkong-based BitMEX currently holds the record for the most number of bitcoins traded in a 24-hour trading period.