Bitcoin is sinking at a fast speed – and we all know that. However, there is no need to hit the panic button. According to Ran Neu-Ner, a South African investor who invested in Bitcoin a decade ago, the recent volatility on the market is nothing new.
As he points, Bitcoin is probably headed to $20,000 in 2018 (again). Neu-Ner made the remarks to CNBC where he suggested that things could get worse before they get better.
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He said that the floor price of Bitcoin is nowhere below $7,500.
In his own words, “We’ve seen bitcoin go up, and we’ve seen bitcoin go down. We’ve seen it go down 50% at a time. But it’s quite a resilient currency/commodity/asset that just keeps going up afterward,” said Neu-Ner.
Despite his call on Bitcoin, Neu-Ner’s money is put in Ethereum which he says is a cryptocurrency led ‘by the smartest people in the world’. He thinks that Ethereum has a massive potential from voting to betting and hedging, all on its network.
Meanwhile, he also pointed that it’s been a year that cryptocurrencies have become accessible to the retail investor. That being said, they have not even attained their full potential or wide-scale adoption yet. As Neu-Ner says, “2018 is the year where the mechanisms to allow retail consumers to get into cryptocurrencies start to open themselves up,”, also adding that the price will stabilize.
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