Is the Time of $9,000 per BTC Closer than We Think?
Bitcoin price moon-landed another height at $8,380 today. The green area of surging is being supported by many including George Kikvadze – Bitfury vice chairmen on short and mid term understanding pointed out that all signals are positive.
“Buying even more bitcoin at $8000. All indicators are super positive. Most positive they ever been,” said Kikvadze.
Throughout November, Kikvadze revealed that he has met 30 large-scale institutional investors and retail traders. Out of the 30 investors, 12 are in the process of investing in bitcoin, 10 plan to invest in bitcoin in the short-term, and eight remain undecided.
By the end of 2017, multi-billion dollar hedge funds, various institutional investors and retail traders are drafting out plans to step on the BTC market by the end of 2017 – according to Kikvadze, keeping in mind the surge in liquidity of bitcoin recently.
The mentioned liquidity has surpassed even Apple while processing larger daily trading than major stock exchanges.
In fact, Bithumb, the South Korean cryptocurrency exchange, processed more trades in one day than the South Korean stock market KOSDAQ, in August of this year.
“One of the investors: ‘Entering Bitcoin investment at $100 billion much much easier than at $10 Billion,’” added Kikvadze.
The major criticizer [at least the CEO] like JPMorgan is not able to ignore the wave market which is taking over as the retail and institutional investor demand is very clearly: to large.
“J.P. Morgan is considering whether to provide its clients access to CME’s new bitcoin product through its futures-brokerage unit,” the WSJ report read, citing sources familiar to the matter within the company.
The market’s optimism regarding the entrance of large-scale investors has already had a major impact on the short-term price trend of bitcoin. On the other hand [long term understanding] while there may be minor corrections on the way, the movement of large capital into the bitcoin market will be highly beneficial for the industry, as the liquidity of bitcoin grows and the market matures.
The Roll-coaster of surge and demand with the communities enthusiasm as a catalyst could push Bitcoin price to $9,000 very easily.