In an interview with Bloomberg representatives, Cihan Chu, co-founder of Kenetic Capital, an investment company based in Hong Kong, said that he expects Bitcoin to reach $ 30,000 by the end of this year.
Chu drew attention to the fact that large financial companies are actively involved in the crypto-industry, he pointed out plans for Facebook, Fidelity, and also JP Morgan. He said that society is disappointed with the IPO of Lyft and Uber, and therefore hopes that the development of companies in the blockchain direction and decentralization will be more successful.
In addition, the co-founder of the Hong Kong company drew attention to such an event as “halving Bitcoin”. Recall that this event is expected in May 2020. Chu believes that the combination of these three factors will be a trigger that will bring BTC to the level of $ 30,000.
Commenting on the future of altcoins, Chu said that BTC is undoubtedly the leader, but the success of the flagship cryptocurrency will have a positive impact on the performance of the main altcoins. Cihan Chu not bad assesses the direction of the activity of the Ethereum project team – in his opinion, the pace of its development is simply “amazing”. Chu also noted the Ripple project, the token of this project deserves attention, as company representatives successfully build relationships with major banking institutions around the world.
Unlike other crypto experts, Chu does not expect the US regulator to approve the launch of BTC-ETF. The main catalyst for adopting cryptocurrency, in his opinion, will still be the interest in cryptocurrency of large technological and financial companies, for example, Samsung or Fidellity, which was already mentioned earlier.
