In spite of the Bitcoin trading value tanking recently, BitMEX co-founder and CEO Arthur Hayes is still sticking to bullish view that Bitcoin has a good chance of climbing up to $50,0000 by the year’s end.
Arthur stated that a digital asset that could climb its way to $20,000 in a year could also have a correction, and is still bullish in his forecast. BitMEX is the biggest cryptocurrency exchange in the world by sheer volume.
Sometime in May, Arthur mentioned on CNBC that Bitcoin would reach $50,000 by the end of the year.This time, despite the fall in Bitcoin prices, Arthur Hayes still maintains his bullish view of the cryptocurrency.
Just last week, Bitcoin value fell below $6,000, which was a new low in the past 8 months, taking a steep tumble of 57% from the 2017 highs of $20,000.
In the meantime, some of the more popular cryptocurrencies like Ripple, Bitcoin Cash and Ethereum are also down for the year. However, Arthur Hayes also states that it is the volatility of cryptocurrencies that make the asset class so interesting for investors.
Arthur adds that with more capital coming into the crypto space, such tumultuous volatility will also been seen more often. He goes on to point out that with the increased exposure on cryptocurrency, we can expect the time span between a significant bull or bear in the markets to decrease.
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