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Experts Foresee BTC Price above $2,000 on Christmas Day

Chris in Uncategorized published on 31, May 2014

Bitcoin Breaks 2000?

Several experts have predicted that the Bitcoin price will surge past $2,000 on this year’s Christmas day, according to an interview conducted by CoinTelegraph.

Surveying 58 Bitcoin enthusiasts in attendance during the Bitcoin conference in Amsterdam held this month, the majority of them shared optimistic views in regard to the possible value of the virtual currency.

Based on the results, many believe that Bitcoin will post a value higher than $2,000 but not more than $5,000.  In fact, Sam Cole of KnCMiner was among those who see a significant increase taking place before the year ends.

“Large financial players are entering the market this year,” he said. “I am talking to some of them [and] if they are to become involved, they need the coin to be valued at around $2,000 to $3,000.”

In agreement is Dr. Marco Krohn of Genesis Mining as well as Bitcoin investor Tracey Mayer, who maintained that Bitcoin price will head northward through the involvement of Wall Street via the current technological advancements and innovations of the digital currency.

Meanwhile, most experts were not as enthusiastic as the others, predicting that Bitcoin will only be priced more than $1,000 while some settled at the $800 mark. BTC China CEO Bobby Lee, on the other hand, played safe, calling the currency’s value to sit above $500.

However, other Bitcoin enthusiasts took a different take on the guessing game as they emphasized Bitcoin adoption, and not price, defines the currency’s success better in the global market.

“What is a measure of success is the mass consumer and merchant uptake,” said Jinyoung Lee Englund of Bitcoin Foundation.

Moreover, instead of focusing on exchange rates, the industry must give more attention on applications that give value to Bitcoin, said David Orban of Dotsub.

Regardless if the Bitcoin chart will or will not reflect the predicted value, experts agree that the digital currency will trade at a price higher than it is doing now—a positive telltale sign that Bitcoin users take as an advantage.

Among those who will benefit from the price increase are the Bitcoin gambling enthusiasts, who generally make up a massive percentage of the current total usage of the virtual currency.

 

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