Cryptocurrencies could reach levels of up to $1 trillion this year, experts say, with bitcoin hitting up to $50,000 (http://nnw.fm/8pLK2). Despite volatile financial markets, several experts predict that a bull run market could materialize later this year, as noted in a piece published by CNBC. In fact, some say that digital coins, or tokens, could appreciate as well.
Jamie Burke, CEO of Outlier Ventures, told CNBC that cryptocurrencies could pass the $1 trillion mark in value in a bull run market this year. Burke founded this venture capital firm, which focuses on blockchain investments.
“We believe after February the market will likely go on a bull run comparative if not greater than last year potentially reaching the trillion-dollar mark before a proper crypto winter sets in where the market becomes more focused on proper market fundamentals,” he said in an email to CNBC.
Thomas Glucksmann, head of APAC business development with cryptocurrency exchange Gatecoin, added, “There is no reason why we couldn’t see bitcoin pushing $50,000 by December.” He also referenced a bitcoin lightning network that could increase the speed of bitcoin transactions. He said that it’s only a matter of time before an exchange-traded fund backed by cryptocurrency.
“Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market’s rebound and push cryptocurrency prices to all new highs this year,” Glucksmann wrote.
Digital coins, or utility tokens, may have no immediate utility value, but they may appreciate as they can be used to build new blockchain applications. Mick Sherman, co-founder and CEO of Hercules Tech, told CNBC, “Utility tokens and assets with a working platform and clear-cut reason for requiring both a blockchain and their own token, are more likely to appreciate in value this year. Some of these crypto assets will not be used for years, meaning they have no utility value.”
Sherman also cautioned investors that, despite future growth, there could be more bubbles ahead for blockchain projects.
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