The co-founder of the blockchain investment company Kenetic, based in Hong Kong, has predicted that bitcoin (BTC) will reach USD 30,000 by the end of 2019.
Jehan Chu, from Kenetic Capital, shared his position on the main issues related to bitcoin in an interview with "Bloomberg Markets: Asia", published on May 28.
According to Chu, bitcoin will continue its bullish direction along with the rest of the crypto market in 2019 due to three main factors, among them the push for mass adoption by global giants such as Facebook, JPMorgan, Rakuten and Fidelity, which have recently returned their interest towards cryptocurrencies.
Chu added that his bullish prediction is also based on the suggestion that crypto-industry could become a "better technology story" that global investors are looking for after what he calls disappointments around Uber and Lyft's IPOs.
Finally, the expert pointed out the next reduction in the amount of bitcoin by half, a process that consists of dividing the number of rewards generated per block in order to maintain the total offer of bitcoin, which, according to him, had previously pushed the prices rise in two-digit percentages. Chu concluded:
"A combination of these three factors, I believe, will take us from where we are now to USD 30,000." In the interview, Chu also spoke about one of the most anticipated events in the crypto industry: the approval of the first exchange-traded fund (ETF) by the Securities and Exchange Commission of the United States (SEC).
Chu said he is not waiting with "restrained breathing" that an ETF will soon be included in the list, arguing that the greater attraction and volume that will take place of the global giants will disturb the field, "regardless of whether an ETF arrives tomorrow or within of ten years. " On May 20, Dave Nadig, managing director of a leading authority on ETFs, stated that the SEC "is still in information gathering mode" with respect to a bitcoin ETF.
Recently, Blockchain Capital partner Spencer Bogart predicted that Facebook's next crypto project could lead the global crypt audience to double or triple.
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