As Bitcoin Price Sets New High for 2019, Circle CEO Says ‘BTC > $10K by June 21’

Siamak Masnavi

According to CryptoCompare, at 06:00 UTC on June 16, Bitcoin's price set a new high ($9,341) for 2019 and reached its highest level since March 2018. And with Facebook set to reveal details about its upcoming stablecoin (project Libra) on June 18, Circle CEO Jeremy Allaire feels confident that the BTC price will be over $10,000 by June 21.

As you can see in the price chart below, in the past 24-hour period, the Bitcoin price has surged over 7%:

BTC - 24 Hour CC Chart - 16 June 2019.jpg

This means that Bitcoin's Return on Investment (ROI) for the year-to-date (USD) is over %150.

As for the broader market, things are looking pretty good there too:

Altcoins on 16 June 2019.png

Facebook's Entry Into the Crypto Space

The main explanation for the current bullish sentiment seems to be reports over the past 10 days from TechcrunchThe Wall Street Journal, and The Block, which say that according to their sources Facebook is planning to release details of its stablecoin project (Libra) on June 18 and that it has the backing of such big names as Andressen Horowitz, Union Square Ventures, Coinbase, Vodafone, eBay, Uber, Spotify, Mastercard, Visa, and PayPal.

One person who is very confident that Facebook's purported announcement on June 18 will have a positive impact on the Bitcoin price is Jeremy Allaire, the CEO of Circle, who had this to say yesterday:

But he is not the only one excited about Facebook's entry into the crypto space. For instance, Spencer Bogart, a partner at crypto-focused venture capital (VC) firm Blockchain Capital, is similarly enthusiastic:

Bogart says that although Bitcoin does not "need" this, project Libra is a "bullish catalyst" for Bitcoin for two main reasons:

  • "It potentially eases the biggest friction in acquiring digital assets like Bitcoin (onboarding): the transition from fiat to digital assets. Once in digital assets, movement between them is relatively fluid."
  • "It catalyzes the buildout of infrastructure to support digital assets (custody, wallets, compliance, etc.) among large financial institutions and payments providers that, to-date, have taken a 'wait and see' approach."

Reactions to Bitcoin Price Going Over $9,300

Arthur Hayes, Co-Founder and CEO of BitMEX:

Alex Krüger, Economist and Crypto Analyst/Trader:

Krüger also tweeted earlier today that "Greed is good", referring to that famous line spoken by actor Michel Douglas from the 1987 U.S. movie "Wall Street" and the fact that the "Crypto Fear & Greed Index" is currently at 80 ("Extreme Greed"):

Crypto Fear & Greed Index - 16 June 2019.png

Speaking of Fear of Missing Out (FOMO), it is worth remembering what Tom Lee, Co-Founder, Managing Partner, and the Head of Research at independent research boutique Fundstrat Global Advisors, said during the past week (on June 12) at the 2019 CryptoCompare Digital Asset Summit in London: that if the Bitcoin price manages to exceed $10,000, then it is "very likely" to break its all-time high and reach $40,000 within five months.

Other Reasons for Feeling Bullish About the Bitcoin Price

According to CoinMetrics.io, there are now over a million daily active addresses, which refers to the number of unique (from or to) addresses per day; this is the highest level since 27 November 2017, as Kevin Rooke pointed out yesterday:

 

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