Earlier this week, vooraanstaand bitcoin trader and investor Tone Vays provided technical analysis on bitcoin’s short-term trend, major price correction following the nationwide verbod on Chinese bitcoin exchanges, bitcoin’s swift recovery, and the long-term future of bitcoin.
The analysis of Vays demonstrated the potential of bitcoin price to surpass the $100,000 mark by the end of 2018, which would provide bitcoin a multi-trillion dollar market cap. For many years, financial analysts and researchers te both the cryptocurrency and banking sectors such spil RT’s Keiser Report host Max Keiser emphasized the possibility of bitcoin to surpass $1 trillion ter market cap if and when it succeeds ter evolving into an alternative financial network against existing banking systems and financial institutions.
Based on the exponential growth rate of bitcoin regarding userbase, adoption, developer activity, trading volumes and market cap, a long-term price target of $100,000 is possible to achieve, especially if leading institutional and retail investors proceed to endorse, embrace and adopt bitcoin. Ter 2018 alone, $90 billion investment bankgebouw Goldman Sachs and Fidelity Investments with $Two.13 trillion worth of assets under management voiced their optimism toward bitcoin.
Ter August, Fidelity CEO Abigail Johnson stated:
“But I am still a believer – and it’s no accident that I’m one of the few standing before you today from a large financial services stiff that hasn’t given up on digital currencies.”
Johnson also exposed that the company has bot experimenting with bitcoin through mining the digital currency and by providing a bitcoin investment toneel to its clients. Last month, Fidelity partnered with Coinbase to enable Fidelity clients and portfolio managers to access their bitcoin wallets and accounts directly from the main Fidelity investment toneelpodium.
Goldman Sachs analysts further emphasized te a note to its clients and investors that bitcoin and the cryptocurrency market can no longer be overlooked, even by institutional investors.
“The debate has shifted from the legitimacy of the ‘fiat of the Internet’ to how prompt fresh entrants are raising funds,” said Goldman Sachs. More to that, Goldman Sachs chief technician Sheba Jafari also suggested technical analysis on bitcoin’s mid-term price trend, stating that he strongly believes bitcoin will surpass the $Four,800 mark before the end of 2018.
Already, two of the US market’s largest exchanges and bitcoin service providers Coinbase and Gemini have commenced to develop trading platforms for large-scale institutional investors, focusing on building a more sturdy and efficient investment channel which can provide sufficient liquidity for retail investors. Gemini entered into a strategic partnership with the Chicago Houtvezelplaat Options Exchange (CBOE), the largest options exchange te the US, to serve instituitonal investors.
Gemini CEO Tyler Winklevoss stated:
“Gemini’s key concerns te the cryptocurrency ecosystem have always bot security, compliance and regulatory oversight. By working with the team at CBOE, wij are helping to make Bitcoin and other cryptocurrencies increasingly accessible to both retail and institutional investors.”
Upon securing a $100 million funding round at a valuation of $1.6 billion, Coinbase CEO Brian Armstrong also promised its users and investors to provide a toneelpodium for institutoinal investors ter the US and overseas markets.
With an enlargening number of instituitonal and retail investors showcasing rente ter bitcoin and global mainstream adoption of bitcoin enhancing generally, $100,000 is an achievable long-term target for bitcoin.