Wall Street to ‘get more involved’ in Bitcoin this year
David Drake, founder and chairman of LDJ Capital, predicts that Wall Street will help Bitcoin’s value skyrocket to $30,000 this year.
The top investor bases his Bitcoin price prediction for 2018 on the increase in regulation along with rising interest from Wall Street investment firms.
During an interview with Bloomberg, Mr. Drake described the recent price drops as a “cold winter” for cryptocurrencies.
He noted that the dips in value should be considered a “refining period,” however, before predicting:
“Bitcoin will be worth $30,000 at the year-end.”
Positive outlook for Bitcoin
The future for Bitcoin looks exceptionally bright according to Drake.
He notes that Asia is the “biggest market right now” and that “cryptocurrency is hot” there.
Drake predicts the top cryptocurrencies will see a massive surge in value this year.
He says his optimism is due to increasing guidance that will come with regulation and the rise in demand as Wall Street gets “more involved.”
While Mr. Drake remains hugely positive for the future of Bitcoin, his outlook differs slightly from Dorsey’s.
Rather than being the single currency of the internet, Drake suggests that “hundreds” of different cryptocurrencies will be in circulation.
The well-respected investor notes that Bitcoin is “all about capital preservation” and, therefore, will “stay on top.”
He added that several highly-innovative projects offer “great solutions” that threaten to shake up the leading cryptocurrency rankings, though.
According to Drake, the number two crypto, Ethereum, may face some stiff competition from rising alt-coins.
Too much hype
Acknowledging the SEC claims that some of the emerging cryptocurrencies are “fraudulent,” Drake stated that there’s “too much hype” around digital assets.
He said the markets need to take a more laid-back approach to grow, saying:
“We’ve got to calm down a little bit.”
Drake remains utterly unshaken by the recent moves from Google and Facebook to ban advertising for initial coin offering (ICO) projects.
He said this helps place emphasis on projects with real solutions rather than just “pump and dump” money-making schemes.
He added that the SEC is also “doing the right thing” by clamping down on ICOs.
By tightening regulations, he believes that it will help legitimize projects with actionable solutions and products with real value and actual application.
LDJ Capital’s founder says that cryptocurrencies will blossom in 2018 following a “cold winter” for the market.