Bitcoin value to reach $6,000 and $60,000 in 2018
A leading cryptocurrency expert has predicted that the value of Bitcoin will reach $6,000 and $60,000 in 2018.
Phillip Nunn is the CEO of The Blackmore Group and Wealth Chain Group and is in demand all over the world as a public speaker for his views on cryptocurrencies and Blockchain.
The entrepreneur is due to speak at BusinessCloud's cryptocurrency and Blockchain breakfast event on February 2 and invested in Bitcoin when it was worth $600. It's currently valued at more than $11,000.
Nunn is in the process of raising a $100m cryptofund and first started investing in Bitcoin in November 2016.
Despite its value soaring to $20,000 he's not cashed in any of his investment and uses trading bots to monitor different exchanges.
"The point I keep making – and the reason that I predicted that it will rise as high as $60,000 – is that there’s no mass adoption yet," he told BusinessCloud.
"I'd probably say that less than 1 per cent of the world has any holding in crypto at the moment. And also none of the institutional funds have done anything with it as yet, ETFs (exchange-traded funds), pension funds, things like that.
"As crypto grows and becomes like a version of the dot com, which is going to start to happen more, people will invest and big money will come into it.
"You don’t look at crypto like gold, I think crypto is looking like a piece of art; it’ll just go up in value and it’ll be the original. It’ll be like: 'Do you hold a Bitcoin?'"
One of the criticisms of Bitcoins is its volatility and Nunn predicted its value could also drop to $6,000 this year.
"You've obviously got the usual market despair that happens when India is going to ban this and South Korea is going to ban that and the US is going to regulate this – and that will create situations where people say things are hacked and there’s all sorts of news that comes out that is to the detriment of Bitcoin's value," he said.
Nunn also predicted that Blockchain would change the world, calling it the new 'Internet 2.0'.
"Financial services is the last industry in the world to be disrupted like what happened to Blockbuster with Netflix or Nokia with Apple or Kodak – these sorts of big companies," he explained. "Financial services is the last industry that’s basically running on systems that have been around since sometimes the 1950s, the way they work, or sometimes the 1970s.
"Where it transfers into every single industry is just – when you take your lid off and think about it – is mind-blowing. It can make you feel when you look out to the stars in space and you wonder what’s going on, that’s what Blockchain is going to be. It's bigger than anything you’ve seen."