Bitcoin $10,000 Reactions: A Look At What Comes Nextbr>
The cryptocurrency world is abuzz at news that bitcoin has topped the $10,000 per single coin mark. What happens next? Can digital currency still be considered a bubble? What’s it mean for the overall state of digital currency? And what’s the next big target level for 2018?
Block Tribune asked a network of digital currency entrepreneurs for their take on the meaning of the milestone. We will update as more come in.
Andy Bromberg, CEO and Co-founder of CoinList, a platform that manages top tier ICOs: Bitcoin hitting $10k is yet another reminder that cryptocurrency is moving towards mainstream adoption. Every incremental price increase represents a push forward in the public consciousness. As the Bitcoin market cap reaches more and more globally meaningful levels, there’s an increasing need for true professionalization of the digital asset space. Everything from the leaders in market cap to brand new ICOs need to be thinking hard about regulatory compliance as they interface more with the existing world of finance.
Samantha Radocchia, CMO and Co-Founder of Chronicled, a blockchain solutions company:“A lot of educated people believe this is a bubble and I would agree. Convoy investments released its report today on past bubbles. The talk at Consensus Invest in NYC today is around bubbles as well. Coinbase alone added 100,000 user accounts over the weekend. The market is stirring and while that might indicate a bubble, there are always the big players the rise like a phoenix from the ashes. Look at Amazon or PayPal who came out of the tech bubble. The hype and excitement is bringing much needed attention to the technology and now the real work can begin on building protocol level infrastructure to support a future built on Blockchain.”
Riccardo ‘fluffypony’ Spagni, core developer of Monero: “Bitcoin has nearly single-handedly created a whole new class of independently wealthy individuals, whose funds are entirely under their control and cannot be seized or frozen by anyone. With that in mind, it also means that bitcoin must continue to improve – for instance adding privacy features – like Monero currently has, in order to reduce the risk of criminals being able to determine who these individuals are.”
Michael Terpin, managing director, BitAngels/CoinAgenda, CEO, Transform Group: “Bitcoin supply grows at a fixed, ever-diminishing inflation rate, while demand has recently come in spikes far greater than the existing supply for sale can absorb, driven in large part by media coverage of all-time new highs day after day. On the way up, it’s a virtuous cycle, with each new high feeding unearthing new pockets of demand. At some point, the rapid price appreciation slows, experienced hands take some profits off the table and/or diversify into other digital assets, whereas inexperienced hands tend to panic sell.
This is not the first rodeo for a parabolic bitcoin run-up; the percentage gains were much higher in 2011 and 2013, but now the dollar figures are more impressive, with $10,000 being a number that’s been talked about for years as a gateway to Wall Street jumping in with both feet. Every cycle thus far has been met with an eventual recovery and new highs in the next cycle.”
Kirill Suslov, CEO of Finom: “The current pump is associated with growing interest to bitcoin and cryptocurrencies as a whole. New major players from the banking sector, car manufacturers, and IT giants are entering the market. Supporting a mobile app for trading cryptocurrency, I clearly see the entire gamut: order books on most of exchanges are overflowed with buying orders.
This month, the key reason for the bitcoin growth is the expectation of bitcoin futures. In mid-November, Swiss bank Vontobel launched mini-futures on bitcoin. In December, the world’s largest operator of futures exchanges, CME Group in Chicago, is going to support the trend.
Passing through $10,500-10,700, bitcoin may correct its course. But I do not think the drawdown will last longer than a couple of days. We probably can expect new highs before the year ends.”
Galen Moore, Founder & CEO, Token Report: “10,000 USD may be an important psychological barrier, but cryptocurrency has done far more already this year to convince skeptics by blowing past regulatory setbacks and security lapses. When you look in earnest at crypto’s potential, it’s clear this is only the end of the beginning.”
Simon Dixon, CEO of BnkToTheFuture: “Bitcoin reaching $10k is simple economics. The supply is fixed and each year it becomes more useful. I feel the new demand is mainly being driven by people using it as digital gold seeking an uncorrelated asset to park their money in. Wall Street is preparing for regulated products backed by Bitcoin, and then they will drive it to Main Street. More are learning the benefit of owning your own money, spending your own money, and the integrity of its fixed money supply. Couple that with the fact that it is the only blockchain that has stood the test of time with many attacks throughout 2017 that did not stop it and you have $10,000 Bitcoin. Many of our portfolio companies are experiencing exponential growth as account sign ups grow more every day. The timing is right to launch our secondary market for FinTech, Bitcoin and blockchain companies as valuations continue to grow the more Bitcoin gains market share.”
William Quigley, CEO of WAX: “By this time next year $10,000 for a bitcoin will seem like a bargain. For cross border payments, there is nothing better than cryptocurrency. More people are beginning to understand that fact and it is getting reflected in the price for bitcoin. For the past five years, people have been saying to me “I wish I bought bitcoin last year but now it’s too expensive.” I fully expect to hear the same lament this time next year.
“For cross border payments, there is nothing better than cryptocurrency. More people are beginning to understand that fact and it is getting reflected in the price for bitcoin. “Within the past 5 years, people have been saying to me ‘I wish I bought bitcoin last year but now it’s too expensive’. I fully expect to hear the same lament this time next year. I presume that by this time next year, $10K for a bitcoin will seem like a bargain.”
Dan Bates, CEO of ImpactPPA: “Bitcoin crossing the $10,000 mark is just another indicator that the public is beginning to recognize the value of cryptocurrency and see it as a viable alternative to fiat and our legacy financial institutions.”