Bitcoin [BTC] price won’t go up by 1000x but a 10x jump is viable says financial expert

In a recent interview with Bloomberg, Aaron Brown, former Head of Financial Market Research at AQR Capital Management spoke about the Bitcoin [BTC] selloff and how it will not hinder its progress towards mainstream adoption. Brown was surprised at the amount of news that Bitcoin was making and put his point across that S & P market fluctuations, which obviously held a bigger market share did not create such a big impact.

The S & P is an American stock market index that is aggregated based on the top 500 companies listed on the New York Stock Exchange [NYSE] or the Nasdaq. Brown also stated that Bitcoin [BTC] which has a daily standard deviation of 6% makes it almost six times volatilities than the stocks present in the S & P 500.

The market analyst also stated that the market crash that had occurred last week on 5th September saw Bitcoin fall from an inter-day high to an inter-day low at the rate of 16%. When considered over the course of a week, the cryptocurrency falls at a rate of 14% anyway, numbers which are just brushed aside in the S & P market, said Brown.

The market researcher was confident in stating that Bitcoin will remain volatile as it has been ever since its inception in 2009. At the time of writing, Bitcoin was on a 0.52% surge, giving holders a spot of reprieve after a turbulent week. The BTC token was trading at $6366.50 with a market cap of $109.825 billion. Bitforex, a cryptocurrency exchange had the bears share of Bitcoin circulation with a 24.88% hold of all the Bitcoin being traded.

Brown went on to speak about the recent suspension of Bitcoin tracker one and Ethereum tracker one and shared his opinion on how the suspensions were due to legal sloppiness. The Security and Exchanges Commission [SEC] of the United States who are responsible for the suspensions quoted the main reason as “confusion amongst market participants” regarding the commodities.

The statement released by the SEC said:

“The Commission temporarily suspended trading in the securities CXBTF and CETHF because of confusion amongst market participants regarding these instruments. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action.”

Aaron Brown also added that the SEC was closing down more often on penny stocks because they were always under financial scrutiny and emphasized on the fact that Bitcoin tracker one and Ethereum tracker one were “suspended” and not “closed”.

The financial expert also gave his view on the Ethereum Co-Founder Vitalik Buterin’s comments on how giant leaps in the cryptocurrency growth market are over and from here on out it will be a slow roll. Buterin had said:

“There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore”

Brown agreed with this point and stated that the ‘1000x growth’ that occurred in 2017 was due to the hype created by institutional and retail investors and a repeat would be quite impossible. Instead, he was confident in admitting that developers were making the blockchain technology better and faster, a step that would push it towards mainstream adoption. He concluded by stating:

“Obviously the chances of us seeing a 1000x growth is out of the question, but a 10x growth? Sure thing! The cryptocurrency market is here to stay and it is not long before the market expands and becomes a part of our daily lives.”

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