In a recent interview with CNBC, Digital Currency Group (parent company of Grayscale) leader Barry Silbert said he believes bitcoin has already hit its lowest price for the year and the only way to go from here is up. DigiByte has continued its rise, and one author predicts ETF’s could lead to six-figure bitcoin prices, and five figure ether prices.
Silbert Buys Bitcoin
Barry Silbert, the man behind Digital Currency Group and Grayscale which operates a number of cryptocurrency investment products and that released an annual report yesterday appeared on CNBC not long ago for an interview. In the interview, Silbert said that he believes bitcoin has already hit its bottom for the year when it stayed at the $6000 range.
Read: Grayscale Report
His reason for believing where the bottom? Silbert cited that a number of major anti-bitcoin news pieces came out one after another, and prices did not drop appreciably. To him, this means the market is perfectly primed for recovery. Another way to look at it is to say that since the market didn’t drop any further, this suggests that it’s not going to go any further down at this time.
Based on Silbert’s Spinoff Grayscale and their recent report, hundreds of millions of dollars are still flowing into cryptocurrency markets, and most of it is coming from institutional investors. These all could be good signs for the market in general.
While many digital assets were flattening out today but keeping their recent gains, DigiByte is up by another 14% or so and approaching the five cent range. If we don’t include the January market pump, what can be observed is a fairly straight upward movement that has continued since the currency started taking off in July of last year.
Once again ignoring the January pump, it seems that DigiByte is having trouble getting over the five cent mark. It will be interesting to see if this time it gets any closer to that number.
DigiByte has seen nearly $18 million in trading volume in the past four hours, and currently sits at a market cap of just under $500 million.
Six-Digit Bitcoin Prices Incoming With ETF’s on the Horizon
In an article posted on Hackernoon called “How ETFs Can Change Bitcoin Forever”, author João Gaspar Marques suggests that if bitcoin follows a similar trajectory to gold, then we could see price increases that have been previously considered unimaginable.
As an example, gold markets at the time when the first gold ETF entered the US market saw prices of around $400 to $500. Gold prices since then have been on a near 45 angle trajectory until we hit all-time highs of over $1800 per ounce a few years later. This means prices more than tripled since ETFs went live.
If bitcoin were to see similar trajectories, then perhaps Marques’ prediction that bitcoin could hit six-figure prices and Ethereum five figure prices could be a reality.
But will an ETF be a reality anytime soon? We sure hope so.