CIO of Wall Street hints a drop in Bitcoin’s value by the end of 2018. We all are aware with the fact that Bitcoin was the leading Cryptocurrency until now but it seems nowadays it is going towards its downfall. Last year its price reached even close to $19,000 and now it is falling down as low as $11,000, even at the start of the 2018.
Every rise has a fall; it turned out to be perfect validation in the case of Bitcoin. Whenever there came a rise in Bitcoin’s value speculations were behind that rise and now it look like the same thing is going on.
A recent declaration by a CIO of Wall Street-based advisory firm suggests a further drop in Bitcoin’s value to $1,000 to $3,000 by the end of 2018.
Peter Boockvar, the Chief Investment Officer at Bleakley Advisory Group, declare his statement in a recent interview with CNBC, According to him Bitcoin will be available for a long time but it might make out a major drop in price.
The prediction by Boockvar sates, Bitcoin might see a fall in price by 70 to 90% over the next year.
“When something goes parabolic like this has, it typically ends up to where that parabola began. I wouldn’t be surprised if over the next year it’s down to $1,000 to $3,000.”He added.
On the other hand, Boockvar have also implied towards a main loss of those crypto investors in the US, South Korea, and Japan who has been taking credit card debt to invest in Cryptocurrency, according to him they will be slap hard.
If we examine the last year performance of bitcoin we can clearly observe, it has made a strong worth in the stock market of the US, with its market limit of around $87 billion.
But Boockvar believes that the crash in the price of Bitcoin in 2019 is far from touching the 19 trillion dollar economy of the US.
However, after the gradual fall in the price of Bitcoin, Altcoins continue to rise. It ultimately leads many crypto investors around the globe to shift their investments to altcoins, and I think now is the best time for all bitcoin investor to take a brave and wise decision.
Do you think it will be wiser move to shift your investment from bitcoin to altcoins? Share your views about bitcoin rise and fall in comment box.