Jehan Chu of Kenetic lays out three reasons why Bitcoin price will reach a new all-time high (ATH) of $30,000 before the end of 2019.
Three Reasons For a New ATH in 2019
Speaking to Bloomberg TV on Tuesday (May 28, 2019), the Kenetic co-founder highlighted three important factors that will drive Bitcoin to a new ATH.
First, Chu identified growing institutional Bitcoin adoption with many conglomerates developing products and services around BTC. In 2019 alone, firms like Fidelity and Microsoft have made massive announcements about plans to adopt BTC.
Chu also highlighted the growing IPO investor fatigue as noticed in the recent offerings made by Uber and Lyft. According to Chu:
I think what we are seeing is a countercyclical argument with the recent disappointments of Uber and Lyft IPOs in the market. People are looking for a different type of tech story and one is perhaps accessible to all.
He isn’t the only one to predict a renewed interest in BTC on the back of a disappointing IPO run for established brands recently going public. Speaking to CNBC earlier in May, billionaire venture capitalist Tim Draper said investors are becoming alive to the fact that even stocks of companies like Uber and Lyft won’t yield more than 10 or 20 percent.
2019 Crypto Returns…
Binance Coin: +475%
Bitcoin Cash: +166%
Eth Classic: +46%
— Charlie Bilello (@charliebilello) May 27, 2019
Investors on the hunt for huge returns will have to look towards Bitcoin and other high performing cryptocurrencies.
Finally, the Kenetic chief pointed to the 2020 BTC halving as another factor that will drive up the price of BTC. One market analyst even has Bitcoin’s post-halving price at $55,000.
Bitcoin Doesn’t Need an ETF
Chu, however, downplayed the importance of a Bitcoin ETF, saying that there are already significant institutional BTC trading avenues set to go live. Fidelity, TD Ameritrade, and E-Trade are some of the firms that have already announced plans to offer BTC trading.
Commenting on the matter, the Kenetic co-founder quipped:
To be honest, I’m not waiting with bated breath for an ETF to be listed anytime soon. If it does, great but to be honest we are going to be getting major traction and major volume increase from people like Fidelity… All of these different factors are going to drive adoption whether the ETF comes tomorrow or in 10 years.
Earlier in May, the U.S. Securities and Exchange Commission (SEC) once again delayed its decision on yet another BTC ETF filing. SEC Commissioner Hester Peirce has even come out too say investors need not hold their breath for an SEC-approved Bitcoin ETF happening anytime soon.
Do you think Bitcoin will reach $30,000 by the end of the year? Let us know in the comments below.
Images via Shutterstock, Twitter @charliebilello