The CEO of the cryptocurrency exchange and financial company Quoine believes Bitcoin will reach a new all-time high in 2019. Since December 2017, Bitcoin lost around 80% of its value. Mike Kayamori gave these bullish comments during an interview with Bloomberg Markets a few days ago.
Quoine CEO Bullish About Bitcoin’s Future Price
It is clear that this year was not good for Bitcoin and other virtual currencies. Mike Kayamori, however, seems to be prepared for a new bull run during 2019. He mentioned that he expects the crypto market sentiment and momentum to set in after the new year.
At the same time, he mentioned during the conversation that the bottom might be near. He believes so taking into account the historical patterns experienced by Bitcoin and the whole crypto market. “I think the bottom is near,” he said.
He then put the example of Bitcoin miners selling their hardware devices and shutting down their operations. Bitcoin’s hash rate has decreased close to 50% since August. The price of Bitcoin remained stable for a few months, close to $6,400 dollars but it dropped under $4,000 a few days ago.
About it, he mentioned:
“If there’s enough miners going out of business, that [means] equilibrium is near. When you look at how markets overshoot, both up and down, you can probably say it’s close to the bottom.”
Furthermore, he mentioned that Japanese regulators are starting to approve new cryptocurrency exchanges. Additionally, they could soon add new token listings. It is important to remember that the Japanese exchange Coincheck experienced an attack earlier this year.
Additionally, exchanges are already following the new regulations imposed by the Financial Services Agency (FSA) of the country. The intention was to clean up all the industry after the attack suffered by Coincheck.
Japan was also one of the first countries to impose crypto regulations. Additionally, the most traded currency against Bitcoin after the US Dollar is the Japanese Yen (JPY). The JPY accounts for 42.84% of the global trading volume against Bitcoin.
Bitcoin is currently being traded close to $3,966 and it has a market capitalization of $69.05 billion. In the last 24 hours, it registered an increase of 2.1%.