By CCN: Bitcoin price will hit $30,000 by the end of 2019, according to Kenetic Capital co-founder Jihan Chu. In an interview with Bloomberg, he points to three bullish factors including the upcoming bitcoin halving, the disappointment of tech IPOs, and the likes of Facebook and Fidelity embracing crypto.
Chu’s $30k price target comes as bitcoin teases the $9,000 mark and ticks over a $150 billion market cap.
“Ten years out from the bitcoin story, and we are starting to see the story become a reality. and what people are really seeing now is that cryptocurrency is not going away” – Jihan Chu.
— Kenetic (@KeneticCapital) May 28, 2019
1. Bitcoin price boosted by Facebook, JP Morgan, Fidelity
Chu says big companies will drive the next phase of bitcoin adoption. Facebook recently announced its “Globalcoin” project while JP Morgan revealed its own JPMCoin to settle payments. Fidelity has launched institutional crypto custody.
“You don’t have to take my word for it. It’s Facebook, it’s Jamie Dimon, it’s Rakuten, it’s Fidelity. All are getting in the space either in building the infrastructure or providing services. That’s going to drive mining share and adoption.”
Facebook's new 'global coin' project explained. pic.twitter.com/gc7nAZulBR
— Digital Trends (@DigitalTrends) May 24, 2019