“The price of the bitcoin is likely to go as low as $1, 000 this year,” says Peter Boockvar. Suppose you wake up to this message and you are an investor, what will you do? Will you want to shut down the TV, turn off the radio or throw the paper to the fire? Many will do nothing. Others will act insane. But this is what the Chief Investment Officer feels. Check out the “Video Bitcoin ‘nonsense: Why investors should avoid the cryptocurrency “.
Why Is Wall Street Predicting Bitcoin Dropping To $1,000?
Peter is the CIO at the Bleakley Advisory Group. He is working here for a long time. Also, he analyses the events surrounding digital coins. When Peter talks this way, he is giving his views on the digital cryptocurrency market. Specifically, Peter is talking about the BTC. What is the reason for Peter giving such opinions? Before he says why the CIO agrees on one thing. At this, he is concurring with many people who feel that the bitcoin will stay.
The Red Hot Coin
Many people especially investors believe that the traditional coin will stay many years. In fact, they do not see any possibility of the altcoin leaving the market. If anything, many people feel that there are coins that came after the red-hot coin. These are the coins that will quit the market if any. After all, these investors argue that some of these coins have a very meager market cap. For this reason, they feel that these are the coins that face extinction. It is not the red-hot digital coin.
2018 Will See The Digital Currency Down To $1,000?
The difference comes when Peter says that the price of the BTC will go as low as $1, 000 in 2018. He says that the price is most likely to go to that low after the ‘bitcoin bubble’ is over. Peter means that as soon as the bubble goes off, the price will plummet. He also mentions of two other reasons. By these three goals, he believes that the price will go so low.
Interview With CNBC
He is speaking these during an interview with CNBC. Peter says that nothing will surprise him when he sees the price go low. “It doesn’t surprise me to see the price of the Bitcoin go as low as $3, 000 or even $1, 000 in the next one year,” Peter says. The interviewer is quick to know from the CIO what will happen in the event of the digital coin price fall. In essence, the interviewer wants to know if the stock market will also crash.
The U.S., Japan, and South Korea Talking Tough On Bitcoin
Mr. Boockvar is quick to correct that nothing of the sort will happen. He goes ahead to say that that will only happen if the coin has significance. “Any corresponding drop will just be psychological. Above all, this is so because $BTC is “not something that is that relevant in a 19-trillion dollar economy,” Peter argues.
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The CIO even reminds us that investors in some countries who are using credit cards will suffer. He also mentions countries like the U.S., Japan, and South Korea. Authorities in these countries are talking strictly on the use of local currency to invest in the bitcoin and cryptocurrency.
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