Clem Chambers, the chief executive officer of financial markets website ADVFN, has recently made a bullish case for Bitcoin as he sees the flagship cryptocurrency climb back to its all-time high, and potentially hit $100,000 in the future.
The blockchain will be the way of the future which will be like the internet was to the generation before. Bitcoin will probably be part of that future in the long term. Will bitcoin go back over from its previous high? It will probably hit $2,000 before it hits $20,000. But will it hit $20,000? I think so. Will it hit $100,000? I think that’s quite likely.
At press time, CryptoCompare data shows the flagship cryptocurrency has dropped 1.87 percent in the last 24-hour period, and is currently trading at $6,500 after bouncing from the $6,000 mark.
While various analysts currently find it hard to make price predictions as high as $100,000, various bullish signs have recently emerged for the cryptocurrency, including an increase in trading volumes, and a rise in anxiety related to a potential trade war between the US and China.
Chambers’ bullish case, however, noted that cryptocurrencies are filling a vacuum in the world, and “will generate an economic lift.” He stated:
There’s a shortage of actual money in the world. That’s what people, I don’t think, have worked out. They are not creating enough money to make the world go around. The cryptocurrencies are filling that vacuum. Because that’s an economic suction going on there and the cryptocurrencies are filling that vacuum.
The CEO isn’t the only influential personality making bullish BTC price predictions. As CryptoGlobe recently covered, the co-founder of popular cryptocurrency exchange BitMex has restated he sees the flagship cryptocurrency hit $50,000 by the end of the year.
Wall Street analyst Tom Lee has maintained a $25,000 price prediction for months, and despite making a wrong call on a potential surge after this year’s Consensus conference, he remains bullish as the cryptocurrency’s price has “historically traded at two and a half times its mining cost.”