Wall St veteran predicts Bitcoin could lose 90% of its value in 2018

https://finance.nine.com.au/2018/01/22/13/34/wall-st-veteran-says-bitcoin-could-lose-90-percent-of-its-value

A Wall St veteran has boldly predicted Bitcoin will “implode” and lose up to 90 percent of its value before the year is out.

Peter Boockvar, chief investment officer at Bleakley Advisory Group, told CNBC he believes the bubble will burst soon and leave many investors out in the cold.

“I think over time Bitcoin’s going to be around for a long time but the price itself I wouldn’t be surprised if over the next year it’s down to $1,000 to $3,000,” said Boockvar.

When asked if a total cryptocurrency collapse would cripple the US stockmarket, Boockvar said it was all “psychological” for investors and a bigger picture mentality was needed.

“From an economic standpoint it’s not really something that’s relevant in a $19 trillion economy,” said Boockvar.

“Maybe in South Korea and Japan – and even in the US – where people are taking on credit card debt to buy coins, yeah they are going to be necessarily impacted.

“But I think we need to look at it more broadly in a sense that the central bank bubble manifested itself in many different places, and just recently cryptocurrencies. If cryptocurrencies roll over and collapse, then maybe that’s a sign the risk-taking attitude of investors is changing.”

Bitcoin and almost every other altcoin in the top 20 has been trending downwards over fears that Asian markets will soon introduce legislation that bans or regulates crypto exchange.

Last week, in one of the biggest dips ever experienced, Bitcoin lost 50 percent of its value since its December peak, plummeting to below $US10,000.

Boockver’s opinion is at odds with bullish Wall St pundit Thomas Lee, who on Friday last week said Bitcoin will explode in 2018, with now being the best time to buy into cryptocurrency.

“We expect bitcoin’s major low to be $9,000, and we would be aggressive buyers around that level,” said Lee.

“We view this $9,000 as the biggest buying opportunity in 2018.”

***

but..but..

https://www.zerohedge.com/news/2018-01-21/one-reason-why-crypto-crash-temporary

I recently came back from a blockchain conference in New York. One of the most remarkable comments made was that the “big money” (hedge funds and large money managers) isn’t really in the cryptocurrency market yet.

The total cryptocurrency market sits at around $500 billion. But the institutional funds need the market to hit $1 trillion before they can start investing heavily. And when that happens… most likely sometime this year… the crypto market will really take off.

And the institutional money will first put their dollars to work in the cryptocurrencies that have the largest market capitalizations. That means investors should be looking closely at bitcoin, Ethereum, Ethereum Classic, and Bitcoin Cash, to start.

There will certainly be some pullbacks and high volatility along the way, like we’re seeing today. But I’m here to tell you… now’s the time to get in.

———

one says bear..one say thats bull..its bullish!

you can find polar opposite arguments for both sides if you look hard enough..i would be approaching with extreme caution if you are investing..

“I think over time Bitcoin’s going to be around for a long time but the price itself I wouldn’t be surprised if over the next year it’s down to $1,000 to $3,000,” said Boockvar.”

and:

“The total cryptocurrency market sits at around $500 billion. But the institutional funds need the market to hit $1 trillion before they can start investing heavily. And when that happens… most likely sometime this year… the crypto market will really take off.”

401

~ by seeker401 on January 23, 2018.

3 Responses to “Wall St veteran predicts Bitcoin could lose 90% of its value in 2018”

  1. Reblogged this on World4Justice : NOW! Lobby Forum..

  2. “The total cryptocurrency market sits at around $500 billion. But the institutional funds need the market to hit $1 trillion before they can start investing heavily.”

    Institutional funds no longer even bother with billions. Billions are dimes to them. I figured that already, but what an amazing couple of sentences. Inflation puts a class of investors/moneymakers in a sphere all of their own where billions gets them nowhere and only trillions is of value. They live in a lifestyle(?) or have an experience in which their business only thrives when investing in values worth trillions. They bought into something that they want to maintain. Billions is a lot for us, but not for them. Billions is them losing business and value to maintain what they have not only in lifestyle but in the real business ventures they are in. Those businesses would not even exist and how much of the economy depends on those trillion dollar investments? It may not even be good for them to invest lower (into the billions) because the general economy might crash if they invest too low. If they do not invest high enough, put some money into the lower economy (billions), then their investment in the higher (trillions) might be missed and felt in the general economy. It might shake far and wide a general crash, which gives no incentive to invest lower, because they would lose a lot in a general economy crash.

    I think this is where the ups and downs in the market are. The general flux felt by the wider economy happens due to inflation and there needing to be enough to invest in (new markets) for the new money (inflation/debt). If cryptoes make it to trillions, then the crypto market will skyrocket up, because the trillions league investors will have a new market to put their trillions in and inflation therefore has a new market to expand into to give a more solid backing, at least for the moment.

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