For Mr. Tom Lee, the current cryptocurrency slump is a big buying opportunity for investors.
Fundstrat Global head of research mentioned in an interview that the decline of bitcoin’s market cap is just normal. Bitcoin has weathered similar slumps in the past. And because bitcoin has recovered every single time it crashes, then now is the perfect time to buy the world’s best-performing cryptocurrency.
Ever since bitcoin hit the $20,000-mark, which is equivalent to Php 1 million, the digital currency has seen a downward trend in value, hitting well under $10K just recently.
However, as of press time, bitcoin has steadily recovered and currently sitting at $11,515. The same can be said with other cryptocurrencies. Ethereum’s ether is back at the $1,000 mark while Ripple’s XRP steadies at $1.60.
What about other cryptocurrencies?
For Mr. Lee, cryptocurrencies, in general, will be on the rise this year. In a separate report from Barron’s Asia, Mr. Lee recommends investing in bitcoin as well as into Ethereum, Ethereum Classic, and NEO.
Bitcoin’s Value in 2018
But what about the value of Bitcoin in 2018. Mr. Lee predicts it will reach $25,000 this year and will hit $125,000 by the year 2025.
Latest Bitcoin News in the Philippines
Part of the reason is that of the government’s “engage but not prohibit” approach with cryptocurrencies. Late last year, the Central Bank granted licenses to two virtual exchange platforms operating in the country – Coins.ph and SCI Venture’s Rebittance Inc. Another firm seeking a license to operate is JaPhil Global Coins Corp, a partnership of Japanese investors and Filipino businessmen. The firm is based in Cebu. This month, we have reported on the Securities and Exchange Commission’s official advisory and guidelines for initial coin offerings.