In January the CEO of The Blackmore Group and Wealth Chain Group, Philip Nunn, made a series of predictions that sparked public attention. At that time he said that bitcoin would reach lows of $ 6,000 and high levels of $ 60,000 in 2018. At the time of his prediction, the cryptocurrency was traded at around $10,000.
While the whole trading community is waiting for the crypto market to change its course, the first part of Nunn’s prediction is confirmed. Bitcoin has dropped recently 18 percent, reaching the lows that we’ve seen at the beginning of the year. At the moment the pessimistic voices from the industry are stating that bitcoin’s price is less likely to surpass the last year’s all-time high. Despite this, Nunn still believes that his prediction is correct and bitcoin will reach $60,000 in 2018.
“The reality is that we are in a transition from the Internet based on information to a value-based Internet, and that will revolutionize all areas – money, accounting, bureaucracy, legislation,” said Nunn.
The investor also believes that the blockchain technology behind Bitcoin, however along with all the other market analysts, he believes that the volatility of the cryptocurrencies is what will cause the significant price swing from his prediction.
“All the money that exists on the crypto market now belongs to the public, so the price changes are due largely to market sentiment. Bad news generates waves, especially those related to regulation. Also, the industry is still small, the market could be manipulated, “said Nunn.
With the maturing of the market and the influx of institutional investment, there is the possibility of creating an internal infrastructure that reduces the chances of price manipulation and has the potential to push prices upwards.
The Banks are Bullish on Blockchain Technology
While some of the key influencers and investors from the crypto space have been predicting strong price rebounds for bitcoin and the cryptocurrency market, the bankers are focusing more on the core of the cryptocurrencies.
In the past, most of the leading banks have been declining to accept bitcoin as a substitute for fiat money. However, they have been working intensely on developing their own distributed ledger technology (DLT), and some of them have already started experimenting with the test networks.
The most recent statement has come from the CEO of the ING Group, Ralph Hamers, who said that he believes that in the next five years the vast majority of the financial operators and banks would have a functional blockchain network.