Julian Hosp, the co-founder of TenX has told CNBC that he is still “quite confident” that Bitcoin can hit $60,000 in 2018. This is ten times where Bitcoin stands today, but Hosp is standing form in his prediction that he made last December.
At an interview during the Rise conference in Hong Kong he said: “Back then, December, price was at a $20,000 all-time high. I predicted for 2018, we’re going to see $5,000 and $60,000. So $5,000, we’ve pretty much hit it, so let’s see if we can do the $60,000. I’m still quite confident.”
It’s an extraordinary statement if you think about it, veering as it does from one extreme to another. Fortunately for Bitcoin owners, it hasn’t dropped to $5,000 this year, which would have brought it back to its price point in September 2017.
Hosp believes a $60,000 moment for Bitcoin is a potential reality assuming there is a “massive positive event” that takes it to that dizzy height. The examples he has given in interviews include a Bitcoin exchange traded fund (ETF), or a country announcing something that is “very, very positive for Bitcoin.” If neither of these happen, then Hosp agrees that reaching his predicted price point will take a bit longer.
He also tackled the issue of the regulatory environment and the negative impact this has had on cryptocurrencies. His preferred solution is one on which there is “clarity over what is allowed, rather than what is forbidden.”
Hosp also said that there will continue to be a rollercoaster of price highs and lows in the crypto space until the superfluous projects are removed and more people get behind the projects with tangible uses and real value.
Tom Lee of Fundstrat, another bullish voice, also reiterated his belief in his prediction that Bitcoin will reach $25,000 by the end of 2018. If either of these predictions is to come true in 2018, Bitcoin had better crack on.