Claire Wells, Director of Legal and Business Affairs at mobile payments company Circle, has recently stated that bitcoin’s price rise is “inevitable,” as the cryptocurrency ecosystem is set to recover from the current slump, thanks to regulatory clarity.
Speaking to tabloid newspaper Express, Wells argued that a lot of potential investors are waiting on the sidelines, waiting for regulatory certainty before putting their money on the line, after noting that “we are seeing slightly less volatility at the moment.”
Wells was quoted as saying:
Prices are down and trading is down but I think the price will increase again over the next few months and I think a lot of people are waiting to hear how regulation is thinking about it.
Her company, Circle, is backed by Wall Street giant Goldman Sachs, Baidu and Bitmain, and acquired popular cryptocurrency exchange Poloniex earlier this year, for $400 million. It’s set to launch a new USD-backed cryptocurrency that’s set to reduce the high volatility cryptocurrencies endure.
Wells noted that a cryptocurrency price rise is “inevitable,” and added:
I wouldn’t necessarily want to put a price tag on or a currency frontrunner but I do think we will see an increase in value and, I mean, that’s inevitable.
Bitcoin, the flagship cryptocurrency, is currently trading at $6,130 after falling 0.82 percent in the last 24-hour period, according to CryptoCompare data. Notably, the cryptocurrency has recently bounced back from a year-to-date low of $5,881.
Wells’ prediction seemingly matches that of bitcoin bull Tom Lee, which has been predicting the cryptocurrency will hit $25,000 by the end of this year, and $91,000 by March 2020. Per Lee institutional investors entering the space, presumably after its regulatory outlook is clearer, will help trigger a bull run.
Circle, which has recently revealed how it evaluates cryptocurrencies, has recently hired 100 employees in a bid to expand its recent acquisition Poloniex. The company has also recently started offering investors a product called “Buy the Market,” which allows them to test the market’s waters with a bundle that includes seven top cryptos.