Jehan Chu, co-founder of Kenetic Capital, predicts that Bitcoin price will reach the $30,000 mark by the end of the year.
Bitcoin price has always been in the center of the attention of the world’s crypto community. And it is not surprising at all as Bitcoin has always been the largest crypto by its market cap and it doesn’t seem that something will change in this very aspect. Nevertheless, its price regularly changes which is a special topic for discussions.
As now it is absolutely clear that the crypto winter is over, it’s time for new predictions. According to Kenetic Capital co-founder Jihan Chu, Bitcoin price will reach the mark of $30,000 by the end of the current year already.
Speaking about Bitcoin and crypto in general, Jihan Chu noted:
“Ten years out from the bitcoin story, and we are starting to see the story become a reality. and what people are really seeing now is that cryptocurrency is not going away”
The expert believes that there are three factors that are boosting its price.
The first factor is the interest in cryptocurrencies noticed from the side of large companies. The list of giants that seem to be captured by crypto and blockchain is full of prominent names.
According to Chu, namely, big corporations will head the new stage of BTC adoption. Among them, he named JP Morgan with its JPMCoin and Facebook with its Globalcoin project. Chu also highlighted the role of Fidelity that has introduced institutional crypto custody
The second influencing factor is people’s disappointment in tech IPOs. The expert supposes that cryptocurrency could be an alternative investment option for a wide audience of investors.
“With the disappointment of Uber and Lyft IPOs in the market, people are looking for a different type of tech story, and one that’s perhaps accessible to all,” noted he.
And finally, the third enumerated factor is the expected Bitcoin halving. Coinspeaker has already reported that this event will take place in May 2020. Traditionally, the year before halving was very successful for BTC as its price was skyrocketing. And now the situation has all the chances to happen again.
Though many people believe that a BTC exchange-traded fund (ETF) can also boost its price, Chu doesn’t share this opinion. He highlighted that major companies entering the industry may have a stronger impact on BTC price than ETF approval.
Let us remind that in November 2017, Jehan Chu stated that by the end of 2018 BTC would reach $50,000 and even repeated his prediction a little bit later, in January 2018. Nevertheless, at the end of 2018 Bitcoin was traded at almost $3,000.
So, we’ll hope that now Chu is right, but in reality, only the time will show what the future holds for us (and Bitcoin price, of course).