Bitcoin is presently far below its last week market price, when it was trading around $11,500. Some crypto pundits attributed the fall to the recent scrutiny that cryptocurrency faces around the world especially in the United States and India. Amidst this scenario, LedgerX, the regulated crypto derivatives and clearing platform based in US has opened bet on BTC attaining $100,000 by 2020 for its retail investors.
The possibility of Bitcoin hitting $100,000 any time soon has been a speculative topic in the crypto space. Analysts have always aired their mixed views about the topic, while some have reverted to short-term prediction instead.
If Bitcoin eventually attains such price high, then its market capitalization would sum up to be around $2 trillion. Could this really materialize? Only time will tell.
LedgerX Opens Bet on Bitcoin (BTC) Hitting $100,000 by 2020 for Its Retail Investors
LedgerX is a US-approved crypto derivatives and clearing platform. It’s invented to serve as an exchange that lists for option contracts, giving retail customers and traders access to its facilities.
Since inception, LedgerX has welcomed a number of institutional investors into its fray. Bloomberg recently reported the statement of Paul Chou, the company’s CEO about the new product.
According to Chou, the new product ($100,000 for 1 BTC by 2020) has already received necessary interests from investors that worth around $10 million and $1 billion.
He assuredly stated that Bitcoin would hit $100,000. His assurance rests on the fact that BTC was once trading at $1, after which it advanced to $10, then $100 and now trading around $10,000 in a journey of 10 years.
Read his statement below:
“Dozens and dozens of these institutions got back to us saying we’d be interested in trading a contract like this. I understand $100,000 is a large number, but a lot of us who’ve been in this space remember Bitcoin at $1, and then it hit $10 and $100 and $10,000. A $100,000 contract doesn’t even make us blink.”
Higher Bitcoin (BTC) Predictions Than $100,000 have been in the Crypto Space for Some time
More enormous predictions than $100,000 have been revolving around the crypto space for quite some time now. John McAfee still stands on his $1 million for Bitcoin (BTC) by the end of 2020, while Tim Draper, the founder of Draper University reiterates $250,000 for BTC by 2022.
All these predictions rest on the mathematical formula that seems govern the growth of the digital currency since its emergence.
Anthony Pompliano, the Co-founder at Morgan-Creek Digital is well-known and active Bitcoin maximalist. Few weeks ago, he published an article which stated the trend that BTC would follow to hit $100,000 by the end of 2021, claiming that his confidence level is between 70 and 75 percent.
Bitcoin (BTC) Situation in the Market
Bitcoin (BTC) is on the downward trend at present in the market. It lost about $1,400 within 24 hours. The stern backlash of Bitcoin by Donald Trump and United States government has been attributed to the price dip that continues to affect virtually all cryptocurrencies in the market.
At the time of filing this report, Bitcoin is trading at $9,353.48, with relatively 13% price plummet in the last 24 hours. How long would BTC dip before price resurgence? The answer to this will remain speculative, as no one would be actually sure.
