- Graham Jenkin, CEO of CoinList, is bullish on bitcoin, which hit a new all-time high of $66,000 on October 20 after the debut of a much-anticipated U.S. bitcoin futures ETF.
- CoinList just announced $100 million in series A fundraising, valuing the company at $1.5 billion, illustrating the growing demand for crypto holdings.
Bitcoin could surpass $100,000 before the start of next year, according to the CEO of a new and rapidly growing platform for crypto offerings.
CoinList CEO Graham Jenkin is positive on bitcoin, which achieved a new all-time high of $66,000 on Oct. 20 following the debut of a much-anticipated bitcoin futures ETF in the United States. Since then, the digital currency has lost some of its gains, trading at $59,052 a coin at 6:45 a.m. on Thursday in London.
Jenkin, on the other hand, was enthusiastic about bitcoin's future growth.
"By the end of the year, the majority of CoinList employees will wager that we'll be at $100,000." I'm not sure we'll make it there because things are tightening up, but that's what we're forecasting for the start of the year."
CoinList just announced $100 million in series A fundraising, valuing the company at $1.5 billion, demonstrating the growing demand for crypto assets.
A number of financial gurus and firms believe the currency will reach, if not exceed, the $100,000 milestone. Inflation and the launch of the ETF, they argue, have created the ideal atmosphere for bitcoin to grow, portraying it as an inflation hedge.
Paul Tudor Jones, a billionaire investor, told CNBC earlier this month that he prefers bitcoin to gold as an inflation hedge.
"There is a strategy in place for crypto, and it is definitely winning the race against gold right now... Jones told CNBC's "Squawk Box" that "I would assume that would also be a very strong inflation hedge." "At the time, that would be my favourite option above gold."
Meanwhile, Fidelity Investments expects the currency to reach $100,000 over a much longer period of time.
The prediction is based on a supply and demand model that Jurrien Timmer, Fidelity's director of global macro, evaluates, according to CNBC this month. "In a few years, the next and last time those two models cross will be at $100,000," he said.
Even still, there are still lots of bitcoin sceptics.
Following prior assertions that bitcoin had "no fundamental value," JP Morgan Chase CEO Jamie Dimon now declared bitcoin "worthless."
While he sees bitcoin as a long-term investment, he told Axios in early October, "I've always believed it'll be made illegal somewhere, as China did, so I think it's a little bit of fool's gold."
He went on to say that he expects "regulators will regulate the hell out of it."
United Wholesale Mortgage, the country's second-largest mortgage lender, scrapped its proposal to accept bitcoin payments earlier this month, citing "the present combination of added expenses and legal uncertainties in the crypto industry."
And bitcoin bull Mark Yusko is predicting a pullback and describing the market as overbought, predicting that investors will profit from bitcoin's current high price.
"Given how overbought we are right now, a refreshing halt wouldn't surprise me," Yusko said. “There's a chance you'll buy the rumour and sell the news.” Nonetheless, Yusko believes that any profit-taking is only temporary, and that bitcoin will reach $250,000 in five years.
Being bullish on bitcoin, of course, is incredibly beneficial to CoinList. However, the platform's CEO claims that the cryptocurrency's frequent and severe volatility does not inherently harm it.
"As far as the bitcoin price having an impact on our platform, there is definitely some impact," Jenkin said. "However, it tends to be kind of separated between what's going on with the bitcoin price and our community's eagerness to get access to early-stage tokens and offerings on the platform, so it impacts us less."
"Certainly, if bitcoin fell to zero, it would pose a significant threat to our platform, but we don't expect that to happen anytime soon."