Will Bitcoin reach $20,000? What Ran Neuner has to say?
After a long time, we can see Bitcoin soaring into the market by more than 9% throughout the day. In just 24 hours, the coin has gained value of more than $25 billion, according to Express-a news agency. Bitcoin is priced at $8,997 USD according to CoinMarketCap.
Making buyers wait a long and after facing all the complications Bitcoin is finally giving a little happiness to the buyers. Its impact was seen on the overall market where almost all the coin turned Green and were gaining its value back.
Many have said that it was a bubble that busted and so Bitcoin started losing its value and many said that because people don’t know what is Block Chain and BitCoin, so they purchased resulting price rise in altcoins. But Ran Neuner, CEO of On Chain Capital has something else to say and it is completely different from what we would have thought.
Ran says, “I’ve been tracking bitcoin since last year and it went up from $17,500 up to $20,000 in anticipation of the futures. The futures were kind of an un-event. The event was the momentum play when people started to get into cryptocurrencies. So you had these people, these retail investors, getting into cryptocurrency for possibly the wrong reasons.
They got into it because of the fear of missing out, they got into it because they wanted to make the money without understanding the technology. And the market went up. But then the market started to come down and everyone who didn’t understand the technology turned around and said ‘hold on, why are we actually back here?’
The market has soared till now because people have not understood the actual implications of cryptocurrencies and they took it as a tool to make money. This resulted the inflation in the market. But now after a huge rise and with little awareness people are becoming conscious about the technology.
Now they are thinking about why they have infused the money into digital coins. This may be one of the reasons of the downfall in the crypto markets. Neuner, CEO at On Chain Capital also claims Bitcoin to reach back to its actual value and will rise up to $20,000 by the end of this year i.e. 2018.
The statement given by Ran Neuner is motivation to all the outcomes. He also claims that the market will give us more surprises positively. We have seen many credit rating and news agencies describing Bitcoin Price Prediction says Bitcoin further to decline its way out and probably to finish its existence.
But now we have to wait for the year to end where existing Bitcoin Price Predictions be proved either void or useless. Bitcoin and altcoins are still new to market and people have not yet completely adopted the technology hence there is a long way to go. This will be affecting directly to the altcoin market.
It will also give the boost to the market, says Ban Neuner. Blockchain still is not ready to be introduced in the mainstream with such a large population with lots of risk and uncertainly. So all the crypto savvies now have to wait for some more months to get back their value of investments. It is now obvious that there exists a Digital Gold that stores value and is not a game of money anymore.