EXCLUSIVE—All eyes are on bitcoin as 2017 draws to a close: will the notoriously volatile cryptocurrency end the year at a $10,000 value?
Like most things in cryptocurrency, this is debatable: on the one hand, bitcoin’s current climb — the currency passed $8,000 earlier in the month — is giving the $10K camp plenty of ammunition.
Bitcoin bulls have been quite vocal on Twitter, with some championing the rise of a new age:
It is the end of the beginning for cryptocurrency ,bitcoin at $10k by New Years Eve
— Jose Canseco (@JoseCanseco) November 22, 2017
Others are so certain that bitcoin will continue to rise that they are predicting it will hit $100k by 2021:
Interesting $btc graph that had a lot of people doubting.
— Southpaw Whale Club (@spwhaleclub) November 22, 2017
Outside of those in crypto, traditional investors also have mixed opinions on bitcoin’s continued rise, with some, such as ex-fund manager Mike Novogratz, stating that bitcoin will “hit a new high soon” and that we would “end the year at $10,000 in bitcoin.”
According to a Twitter poll by CNBC, 68% of people would put $10k into bitcoin right now, while only 32% would put that money into the stock market instead:
over inflated price, bubble territory, soon going to crash ?
according to @CNBCFastMoney twitter poll
almost 7 out of 10 people would invest their 10k in bitcoin rather than stock market
tells you something? pic.twitter.com/JN2i9T9ZXu
— The Bitcoin Rat ♪ ♫ ♪ (@BitcoinRat) November 22, 2017
$10K skeptics, meanwhile, continue to have their reasons, such as bitcoin’s traditional volatility:
Without a doubt. Told people we’d retrace to 5000-5500 at 7500. Their response “I’ll go all in if we ever see 5000 again.” Same people are in full panic mode at 5700 ????
— Michael Burry (@Tysonsnoopy) November 12, 2017
Another reason for that hesitancy is the ever-present danger of high-volume, high-profile cryptocurrency hacks, and 2017 has certainly seen its share.
A constant companion to bitcoin and its other cryptocurrency cousins, the most recent victim was cryptocurrency converter Tether, whose hackers made off with about $31 million-worth of tokens.
Moreover, the growth of ICOs is still leaving some crypto investors wary, especially as some countries suspend or outright ban the practice while considering appropriate regulation.
When it comes to overall perception, however, most seem to believe that bitcoin $10k wouldn’t be a particular surprise, even if they don’t consider it particularly likely.
With that in mind, some on Twitter are asking what may be a more pertinent question:
— Master Juice ???????? (@realJuiceTown) November 16, 2017
1 - Reader Likes This Post