A year after Bitcoin has broken the industry record with $20000, one chief Blockchain members say that today the time is ripe to buy Bitcoin. Spencer Bogart stated it on December 17 in an interview with a program named “Fast Monday” on CNBC network.
Similar speech previously published by Thomas Lee
A little before, on December 13, Thomas Lee, Fundstrat founder, had announced that Bitcoin would reach $150000. In this interview, he said that Bitcoin price depends on many factors and accepting such cryptocurrency by the people will have a dramatic effect on Bitcoin price. The number of Bitcoin wallets is about 50 million now, while PayPal has more than 254 million users. Through comparing Bitcoin to other payment systems, Lee believes that Bitcoin price will reach $10 million in the next ten years. In a report published by Cointelegraph, in 2018, the number of users recorded to have opened user accounts has reached 18 million and has approximately doubled.
When will Bitcoin reach such value?
Bitcoin is now exchanged at $3550, and it has increased to $260 twenty-four hours before this news being published; however, Bitcoin rate has decreased 28% compared to its similar time last year. Considering the fact that Blockchain market is for long-term investment, Bogart told CNBC that “will Bitcoin reach $50000? Surely. In Blockchain market, on the contrary to other technologies, the ratio of price-to-earnings, enterprise value to revenue is not correct; hence, ceiling limit cannot be assigned for it; how much does it take to occur? I don’t know.”
After Melissa Lee, CNBC network host criticized Bogart’s in 2017 saying bull market is just rising; Bogart answered that there is no problem here. Moreover, he said that retailers and investors have almost entirely controlled Bitcoin Market until very recently, and according to him, it led to “a little excessive rising” and a “little excessive lowering.”
Furthermore, he announced his last investigations implying that Bitcoin value might even decrease compared to that of today and it perhaps up to about $2000 or also $1000; although, it is a suitable time to buy Bitcoin.
In the next one or two years, you will look at the past and think with yourselves “why didn’t I buy Bitcoin?”
In a report published by Thomas Lee, taking the number of active wallets into account and using it per user account, he believes that Bitcoin fair value is something between $13800 to $14800; of course, this price depends on more factors too. Finally, it is the time which proves whether will Thomas Lee and Bogarts speech come true.