Bitcoin [BTC]’s speculator-investor market has been “weeded out”, says TenX founder

Julian Hosp, the co-founder of TenX, a cryptocurrency wallet service provider said that he sees the price of Bitcoin [BTC] hitting $60000 at the end of this year. He went on to clarify the events that might drive the price action.

Hosp referenced his prediction from last year, where he said that the price was going to hit $5000 and then $60000. He stated:

“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.”

This bullish statement comes after a bearish run in the market, where the coin dropped to prices as low as $5835. Even as the recovery rally came soon after, the coin is now trading at $6300, a low compared to its all-time high of $20000. However, Hosp sees it go up to more than three times.

He stated that there are two ways for the price rise can occur:

  •  A “massive positive event”. His examples for this event were a Bitcoin exchange-traded, and a country being very positive on the coin.
  • The second is where Hosp took a look at the space if the aforementioned events did not occur. He stated that if that was going to be the case, it was going to take a bit longer. However, he did state that the market will “definitely see a shift around this year”.

It is common knowledge that there is a lot of regulatory confusion concerning the status of Bitcoin and other prominent cryptocurrencies. On this, Hosp stated:

“I think every regulator around the world is trying to find this perfect path at the moment…countries need to move away from trying to forbid certain things that are decentralized or digital, I think that’s almost impossible. It should rather move into a direction where it’s very clear whats allowed. Japan is trying their best, no one knows what the perfect solution is.”

When interrogated about the pressure in the market, he stated that it was multifold. Hosp elaborated on the role that the average speculator-investor played in the market. He said:

“A lot of the players that came into the market a year ago, their entire interest was price speculation. This entire principle started rolling, media hype came in, that pumped up the price so much.”

He believes that the reason for the price going up is that all the price-focused players are “getting weeded out”. The focus is coming on people who care about the underlying technology, said Hosp.

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