TenX co-founder Julian Hosp recently stated that Bitcoin’s price could reach the $60,000 mark at some point this year. This, despite the fact that it’s currently trading at only about one-third of its near-$20,000 all-time high in December, 2017. Hosp, president of cryptocurrency payment platform TenX, told CNBC that:
Back then, December, price was at $20,000 all-time high. I predicted for 2018, we're going to see $5,000 and $60,000. So $5,000, we pretty much hit it, so let's see if we can do the $60,000. I'm still quite confident.
According to data from CryptoCompare, Bitcoin’s price fell to a low of around $5,700 this year. However, the flagship cryptocurrency has bounced back up a bit and is currently trading at around $6,300+.
“Massive Positive Event” Needed For Bitcoin To Surge
During his interview with Akiko Fujita at Hong Kong’s RISE tech conference, Hosp confirmed that a “massive positive event” would probably be required this year for Bitcoin (BTC) to hit $60,000. Per the TenX president, bitcoin’s price could rise significantly if an influential country were to make an announcement that would be perceived as “very, very positive” for the world’s most valuable cryptocurrency. Its price might also potentially surge if applications for Bitcoin exchange-traded funds (ETF) are approved, Hosp added.
Should there be no such positive events for bitcoin this year, then the TenX co-founder says that it will “definitely take a bit longer” for the cryptocurrency to reach the $60,000 mark. Moreover, given that we have already entered into the second half of 2018, Hosp believes that bitcoin’s price would have to exceed $10,000 by August in order for it hit the $60,000 target. He stated, "If we see over $10,000 by the end of August, we can see the $20,000, then the press, the media is going to come in, and we can still see the $60,000 this year,"
Ethereum Co-Founder: “We Let The Price Take Care Of Itself”
Cryptocurrency prices have gone down considerably this year, after the market reached record level highs in December, 2017. There are a number of possible reasons for the current slump in prices, one of them being increased regulatory pressure from authorities throughout the world. However, there has been some positive news for the crypto space such as the US Securities and Exchange Commission recently announcing that Bitcoin (BTC), Ethereum (ETH), and a number of other cryptocurrencies are not securities due to their decentralized nature.
Commenting on the current cryptocurrency market, Ethereum co-founder and founder of ConsenSys Joseph Lubin said his development team was mainly focused on creating better infrastructure for digital currencies. He added, “We let the price take care of itself.” However, he also remarked that:
If price is high or if price shoots up and down, it’s actually great for us because it draws attention to our ecosystem, it draws entrepreneurs, it draws technologists and all of that interest drive fundamental value.