- Jehan Chu believes that the current surge in Bitcoin price will hit $30,000 by the end of 2019.
- Bitcoin price has more than doubled its value in the first five months of 2019.
According to the co-founder of Kenetic Capital co-founder who doubles up as the managing director of the firm Jehan Chu believes that the current surge in Bitcoin price will hit $30,000 by the end of 2019. The VC was speaking to “Bloomberg Markets: Asia.”
The crypto market has been seeing huge financial institutions and technology make an entrance into the industry. Firms like Rakuten, Fidelity, Etrade as well as TD Ameritrade are already developing services in relation to digital assets. Investment banks like JPMorgan are toying with the idea of launching their own coins to ease transfer of money for their customers.
“I think ten years out from the bitcoin story, we’re starting to see a story become reality. And what people are seeing now is that cryptocurrency is not going away. And you don’t have to take my word for it, it’s Facebook, it’s Jamie Dimon, it’s Rakuten, it’s all who are getting in the space either by building infrastructure or providing services,” Chu explained.
Bitcoin price has more than doubled its value in the first five months of 2019. Although the correction stalled short of $9,000 in the recent surge, sentiments are still positive for BTC and $10,000 will clearly within reach in a few weeks. Meanwhile, Bitcoin is trading at $8,700 on Thursday. A correction above $9,000 would see investors’ confidence increase pushing the price towards $10,000 level.