Institutional cryptocurrency investment could Initiate a 244% rise in Bitcoin’s value, so says Jehan Chu, co-founder and managing partner of blockchain investment firm Kenetic Capital.
The influencer is predicting BTC poised for leap taking cryptocurrencies Ripple and XRP, Ethereum, Litecoin, Tron, Stellar, EOS, and Cardano along for the ride, suggesting a Bitcoin price of USD 30,000 is not beyond the realms of possibility.
He points to major media players such as Facebook entering the space in order to invest in alternative technologies as a way of moving forward and capturing further public interest in cryptocurrency. He commented:
“What people are really seeing now is that cryptocurrency is not going away. And you don’t have to take my word for it. It’s Facebook, it’s Jamie Dimon, it’s Rakuten, it’s Fidelity – all who are getting in the space either in building infrastructure or providing services.”
He also suggests that Bitcoin’s upcoming halving is a further driving factor which will push the price even higher towards his USD 30,000 prediction, adding that it is not all about Bitcoin despite admitting that the hallmark cryptocurrency “definitely has a center of gravity that many other cryptocurrencies and coins benefit from”.
“But in truth, many of the different applications that back the cryptocurrencies in their own right are developing on their own story and developing utility. So these are the other altcoins that have their own large market caps, like Ether, which is coming up to its own on-year highs.”
On a note of positivity, which would be welcomed by ETF hangers on, Chu suggests that SEC endorsement of such funds would not be “central to the success of the industry”.
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