Bitcoin price hasn’t seen much positive momentum throughout 2018. As the year progresses, the bearish pressure seemingly continues to mount. eToro’s Matt Newton is not too bothered right now. Instead, he remains confident there will be a major price surge in the very near future.
Matt Newton Has a Bullish Outlook
Every financial market which goes up in value comes down eventually. Bitcoin has ebbed and flowed over the years. In most cases, Bitcoin’s value rebounds strongly after a while. The year 2018 is a bit of an exception in this regard. It signals an extended bearish market which keeps the Bitcoin price well below the $7,000 mark.
Although some holders get nervous, others see a bright future ahead. eToro’s Matt Newton sees the bigger picture in a rather bright spotlight. A bull run is, in his opinion, “imminent.” One contributing factor is how Bitcoin turns ten years old today, which marks an important milestone for the world’s leading cryptocurrency.
Another interesting development comes in the form of ICE’s exchange. This institutional-grade trading platform offers physically-backed Bitcoin futures settlements. It is a new investment vehicle in cryptocurrency, which should be capable of generating some buzz. Newton considers it an integral piece of the Bitcoin price puzzle for the next few years.
Cashless Efforts Bolster Bitcoin Price
While the vision by Matt Newton is promising, bigger things are at play. Various countries around the world look to become cashless societies in the next few years. That will only fuel the demand for digital payment methods. Cryptocurrencies will have their role to play in this regard. Providing ease of access to Bitcoin will be a critical factor over the next decade.
deVere Group CEO Nigel Green is convinced the cashless push will foster Bitcoin adoption. He even claims the total market cap will expand by over 5,000% in the next ten years. Such a development would push Bitcoin price to over $300,000. That value seems rather unlikely now, but a lot can change in the coming years.
Cryptocurrencies continue to grow and evolve. Bitcoin is hitting its stride courtesy of technical upgrades. Further changes to legislation will impact the price of Bitcoin in many different ways. The world’s leading cryptocurrency has come a very long way in its first decade. In theory, things can only improve from here on out.
Do you agree with Matt Newton? Let us know in the comments below.
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