Wall Street Prediction: Bitcoin Will Drop to $1,000 In 2018
According to CNBC the Chief Investment Officer at Bleakley Advisory Group Peter Boockvar thinks that bitcoin has a potential for a long time, but with a significant price drop when the Bitcoin bubble bursts.
Boockvar thinks Bitcoin has a potential to drop 70 % to 90 % this year saying:
“Over the next year I wouldn’t be surprised if bitcoin is down to $1,000 to $3,000.”
Also he was asked if there is a risk that stock market would crash caused by Bitcoin’s price drop and said that “any drop would just be psychological”, as bitcoin is “not something that really is that relevant in a 19 trillion dollar economy.”
However, he adds that people in South Korea, Japan, and the US who have been taking on credit card debt in order to invest in cryptocurrency will be hit hard.
The crypto market’s boom can be attributed to easy-money policies of central banks and money printing, thinks Boockvar. These fact makes digital currencies like bitcoin, more attractive to investors, because they are both finite and safe from inflation.
BTC is trading at around $11,500 at this moment, down about 5 % percent over a 24 hour period.