Bitcoin continues to take the spotlight in the crypto world, and with its fame comes expert advice from many directions.
One such expert is Julian Hosp, a cryptocurrency entrepreneur, who believes that Bitcoin’s skyrocketing rise in value isn’t close to stopping just yet. However, he thinks it will also see a decline.
Hosp explains, “I think we’re going to see bitcoin hitting the $60,000 mark, but I also think we’re going to see bitcoin hitting the $5,000 mark.” He’s not sure which way it will go first.
As the co-founder and president of TenX, a firm whose mission is to make it simpler for people to spend digital currencies, Hosp’s opinion holds merit.
Many national governments and well-known critics have warned of the risks involved with investing in cryptocurrencies, believing that one day soon the currency is likely to crash, due to the lack of anything concrete to give them value.
Hosp’s statement represents a $45,000 rise from the current price of Bitcoin, or a $10,000 collapse, highlighting the volatility of the world’s most popular digital currency.
After blasting to a record high above $19,800 in mid-December, Bitcoin’s value dropped rapidly last Friday. The cryptocurrency decreased down to a third of its value in one day, hitting below $11,000 before beginning to rise back up in value.
Bitcoin is now trading above $15,100, according to information shared on Coinbase.
“For experts that have been in the market, this was actually a welcome dip,” Hosp shared with CNBC.
According to Hosp, insiders have expected the value of Bitcoin to drop due to the extreme elevation in value over the past few months.
He went on to explain, “This dip for us was very, very healthy, and some of us have used it to buy a little bit more, because suddenly we had 40-45 percent discount to all-time highs.”
Hosp also believes people will see Bitcoin fall in value again, experiencing an upwards move for a while, before adjusting back down again. To top it off, he feels that eventually all the cryptocurrencies will see a compression, and many will disappear over time.
“I don’t think it’s going to be a bubble that’s just going to burst and everyone is going to lose their money, but I think it’s going to be that all the coins and all the assets with very little use or value are going to get sorted out,” Hosp shares.