Julian Hosp is still bullish on Bitcoin. The co-founder and president of TenX believes that a $60,000 Bitcoin remains possible for this year.
Hosp: Bitcoin Needs a “Massive Positive Event” to Reach 3x Its All-Time High
General public optimism might have died down for Bitcoin this year, but many connected to the space are still bullish on the digital asset.
Julian Hosp previously predicted that Bitcoin would hit both $5,000 and $60,000 in 2018. He spoke to one of CNBC’s reporters at the RISE conference currently being held in Hong Kong:
“Back then, December, price was at $20,000 all-time high. I predicted for 2018, we’re going to see $5,000 and $60,000. So $5,000, we pretty much hit it, so let’s see if we can do the $60,000. I’m still quite confident.”
However, the TenX president does admit that a “massive positive event” is needed for Bitcoin to reach the lofty price of $60,000 this year. Hosp continued, speculating that a Bitcoin ETF or a huge positive announcement from a nation state would be the kind of news event that could drive the price skywards.
Yet, Hosp did admit that the Bitcoin price would need to reach $10,000 in August for it to eventually hit $60,000 before the year is out. He also commented that once Bitcoin was nearing its all-time high again, the media would create another wave of speculation like that seen at the tail-end of 2017:
“If we see over $10,000 by the end of August, we can see the $20,000, then the press, the media is going to come in, and we can still see the $60,000 this year.”
Meanwhile, Ethereum co-founder Joseph Lubin also talked to CNBC about crypto prices on Wednesday. Lubin, who also founded ConsenSys, stated that he’s less interested in the price. If developers can build the necessary infrastructure the price will “take care of itself.”
Lubin continued, stating that both positive and negative price swings were ultimately good for the whole space. He believes that the increased attention such swings bring to the industry can only be good for it:
“If price is high or if price shoots up and down, it’s actually great for us because it draws attention to our ecosystem, it draws entrepreneurs, it draws technologists and all of that interest drive fundamental value.”
In other Bitcoin price prediction news, Fundstrat’s Tom Lee recently cut his 2018 price prediction of $20,000 by 20%. However, after being lambasted for being “bearish” on the digital asset, he quickly changed his statement back to $25,000 “or something like that”. He concluded by stating that whether it was $20,000 or $25,000 made little difference since Bitcoin was a “multi-decade story.”