Despite Bitcoin’s intense price drop in recent months, some still believe it is going to turn it around next year. And there’s nothing to say it definitely won’t; in the last three days, Bitcoin has packed on 18% in gains.
The world’s largest cryptocurrency by market cap jumped from $3,181 to $3,776 in under three days, proving further that nobody can truly know where this coin is headed next.
One advocate for its future upturn is Mike Kayamori, CEO of Quinone, a Japan-based crypto exchange platform. Speaking with Bloomberg TV, Kayamori believes that by the end of 2019, Bitcoin won’t just have increased its price, but it will hit a new all-time high. Is he just being hopeful or is there anything to back this up?
The future can always appear promising, but 2018 has been anything but for Bitcoin. The crypto market has been truly bearish all year, wiping 80% of its value off the board since January. Bitcoin was priced at around $20,000 this time last year; now it is struggling to stay above $3,000.
There have been some brief bullish runs here and there, but overall, Bitcoin has been on a steady downward spiral for most of the year. It doesn’t help that it’s taken most altcoins with it.
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Lack of Newness
But for Kayamori, the reason for the current state of Bitcoin is simply a lack of newness in the crypto market. Believing that “there’s nothing new, no catalyst” to propel the market forward, he could be right. Cryptocurrencies grew their value from hype, after all, and there has been very little newness to continue the momentum.
But what is new in Kayamori’s opinion is that Japanese exchanges are adapting to Japan’s regulations and the country is open to more industry players. This, he thinks, will help to spur on adoption, at least in Japan anyway.
The CEO also went on to say that the arrival of Fidelity Digital Asset Services by Bakkt, as well as other investor-focused products in early 2019, will give “new momentum and sentiment” and could drive a bullish Bitcoin rebound.
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