The bear trend throughout the year had many optimists making bold claims of a bullish end to the year. However, nobody saw this particular end coming, not even the influential Vinny Lingham.
Vinny Lingham, who is quite popular as the CEO of US-based Civic– a startup that encrypts identity information on the blockchain, has predicted a rather unexciting string of months ahead for the king of cryptocurrency, setting a less optimistic $5000 mark.
Who Got It Right?
Many were quick to make predictions in the early part of this year following an encouraging 2017, as different analysts discarded the bearish trend of the cryptocurrency market with respected analysts such as Tom Lee and even Vinny Lingham making bold predictions, a lot of ‘oracles’ that crypto enthusiasts did not seem to know emerged rapidly. While the majority of predictions were positive, albeit in degrees; nobody practically saw the liquid plunge of the general crypto market coming.
Little wonder Vinny Lingham is beating out all sentiments from his latest prediction, as he firmly eliminates the proselytized hope of institutional investors sweeping in to save the day. While this year has witnessed a marked improvement in institutions interest in making investments in cryptocurrency, as exemplified by reputable schools and colleges, Lingham suggests the latest disappointment would not see any institutions investing any time as soon. During a recent Interview with CNBC, Lingham said:
“If you keep speaking about institutional investors coming to the table and (exchange-traded funds) being approved, you can’t have this sort of volatility in an asset class when you want big money to get involved.”
Bearish Trend to Continue
Instead of a better improved coming array of months, Lingham expects the price of Bitcoin to keep bobbing about the $3000 mark instead. During the weekend, many had half-expected Bitcoin to be making a much-wanted comeback after bouncing back from its lows of $3500 to surge up above $3800. However, the start of this week has seen Bitcoin return to $3600. According to the Indian serial entrepreneur, if Bitcoin does not break free of this range in the coming three months, it just might maintain its new found home for a long while.
“I don’t think we’ll break through the support level of $3000 just yet, he said, in his interview with CNBC’s Fast Money segment. “But if we don’t get out of the crypto market bear cycle within the next three to six months, that $3000 level could go.”
Lingham also took time to take a swipe at Bitcoin’s block size, revealing that he initially invested in the cryptocurrency because he saw it as a potential and better contender to institutions such as Visa and MasterCard. However, he confessed the cryptocurrency-field has ‘typecast’ the pioneering currency, with its chance of evolving into an efficient payments option getting slimmer with passing time.