Daniel Masters see Bitcoin record price highs for this year
A former JP Morgan executive and current CEO of CoinShares says he is expecting Bitcoin record price highs this year.
Daniel Masters says he predicts a surge in 2018 that will surpass all previous Bitcoin record price rallies.
Mr. Masters states that BTC will return to previous highs, following an impending 2018 bull run.
To reach a new Bitcoin record price, however, two critical changes occur in the cryptocurrency ecosystem, he adds.
During an interview with CNBC, Masters explains that Bitcoin will experience another rally on the proviso the market matures.
Emphasizing the importance of institutional investors joining the cryptocurrency space, he highlights the need for professional storage solutions, saying:
“We need to see this [cryptocurrency] structure continue to build.
“We need to see the custody solutions come and be provided.
“We need indices and we need performance measures where we can actually start to understand what we’re talking about and measure our performance.”
Cryptocurrency regulation is ‘inevitable’
According to Masters, the current initial coin offering (ICO) paradigm needs to evolve, for previous Bitcoin record price highs to be achieved.
There’s a lack of information available for ICO investors, states Masters.
He describes the post-offering status of tokens distributed in fundraising events as a critical issue:
“We need to do more mature work around the ICOs, so that post ICO we have a token life cycle, and just give investors more clarity, better expectations, more transparency.”
Defining the “regulatory sandbox” for cryptos over the last five years, Masters highlights the opaque regulatory status of cryptocurrency.
With the total market cap soaring over the last year, traditional financial institutions are now beginning to take cryptocurrencies seriously.
Masters says he believes that the rapid growth of digital assets is capturing the attention of central banks and governments:
“Central banks and governments decided it could no longer be ignored.
“I don’t think there’s any concern from that community at the moment that there’s leakage …
“but I think they’re beginning to realize that there is potential for that in the future.”
Crypto market will dramatically increase in size
Masters, who now manages more than $800 million in crypto assets through BitShares, says there is no “fight to the death between crypto and the USD/GBP legacy financial system.”
The formerJP Morgan global energy trading desk leader says the primary issue is the section of the traditional financial ecosystem that will be overhauled by cryptocurrencies:
“I think even if it’s only 5% at the end of the day, that market will then still be much bigger than it is today.”