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Posted by Naeem Aslam | 30/11/2017 07:04
10K was a critical level for bitcoin
NASDAQ announced it would list Bitcoin futures
14K Bitcoin by mid 2018?
Is it a bubble doomed to pop or it is still not too late to invest? The reality is that Bitcoin has cracked the symbolic mark of $10,000. This was a critical level for the crypto king which is attracting millions of investors. The value of the currency has risen more than 800% since the start of the year. Only this month, it is nearly 71.25%% up, while from its November low it is nearly 94.53% up. Numbers like these put the monthly performance of S&P and NASDAQ to shame (1.22% and 1.07% respectively). Talking about market capitalisation, Bitcoin’s market easily exceeds that of Disney, IBM, McDonald or GE.
Given the huge demand the currency has, it could touch the level of $14,000 by the end of next year if not by mid-year. Does that sound ridiculous? Well not really when you are talking in terms of percentage points. From the 10K mark, if we project the price to $14,000, it is only 40% and Bitcoin has the proven ability to move more than 50% in one month (as mentioned above, if you look at the low and the high of the month, the increase is an astonishing 76% in November). The chart below shows the monthly percentage performance of bitcoin for the past years.
Its acceptance by the mainstream financial system could be coming sooner rather than later as South Korea’s biggest bank by assets is in preparation to adopt the cryptocurrency. Shinhan Bank would still have to wait for the regulator’s approval, but it is selecting a firm to test bitcoin vault and wallet. Remember that the CME Group Inc and Chicago Board Options Exchange are already exploring the option to launch bitcoin futures. Moreover, countries like Iran have also said that they welcome bitcoin with caution. Iranians are already using bitcoin as a form of payment.
Of course, the question everyone is asking is if and when there will be a pullback. The 10K mark does have the potential where we see some investors choosing to cash in some of their profit for the year. We are looking at nearly over 1,220% annual percentage gain, so thoughts of cashing in some profit would be very natural. Setting investors aside, gains and moves like these keep central bankers awake, as bitcoin poses a clear threat for central banks who control and regulate currencies. The function of the central bank is to maintain price stability and keep inflation in check. Without central banks, price stability and inflation does become an issue and this would be something which needs to addressed.
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