Bitcoin price: Crypto CEO explains why he thinks bitcoin will RALLY | City & Business | Finance

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The former Citigroup trader said his price prediction for is “$50,000 by the end of the year”.

When asked by CNBC’s Melissa Lee if he was a “little wobbly about that position” when bitcoin price plunged in January, Mr Hayes responded: “No. It’s my job to make predictions – whether or not they are right or wrong – it doesn’t really matter to me.”

He added: “I’m a volatility trader at the end of the day. We make our money if it is volatile. If it goes up, if it goes down, if you have Bill Gates calling it a fraud or whatever it is – great. Short it. I don’t care.

“Or if you think it is going to be a million dollars in a few months, great, buy it. We just match trades.”

The  expert said Asia “dominates” cryptocurrency market because it is so used to trading digital assets.

Mr Hayes said the US retail presence in crypto should look at adapting Asia’s trading of digital assets in an effort to welcome more investors to the market.

He said: “I think Asia dominates crypto because they are very used to trading digital assets.

“So take South Korea, for example, they have been trading digital goods related to video games for almost two decades. So, when you move to a purely money-based digital currency, they understand that culturally so they get on board quickly.

“Take that to the West where you have a very established picking system and things work pretty well. Why do you need to go out and find a new way to trade or new way to do things when you have a broker who offers you options, futures, all sorts of different products?

“So, you move that into the developing market where you don’t have these type of products and you see people who are a lot more interested in it.”

Bitcoin price is at $8,478.92 at 20:20 (GMT) on Tuesday, according to CoinDesk. It hit its highest value before Christmas when the token reached the monumental price of just under $20,000.

The digital currency has faced criticism by banks and finance experts, with billionaire Bill Gates telling CNBC he would bet against the cryptocurrency and short bitcoin if he could.

The Microsoft co-founder said: “As an asset class, you’re not producing anything and so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type of investment.”

He added: “I agree I would short it if there was an easy way to do it.”

Bank of England Governor Mark Carney also has been highly critical of the cryptocurrency landscape. He said it is a “privilege” to be part of the financial system and “responsibilities come with those privileges”.

But prior to the G20 summit, Mr Carney revealed cryptocurrencies do not pose a risk to financial stability.



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