Crypto strategist, Robert Sluymer believes Bitcoin will go higher after the virtual currency suffered a turbulent few months as governments faced increased pressure to regulate digital currencies. Sluymer, a Fundstrat, Global Advisors financial strategist, said in an interview with CNBC:
“The regulatory and fundamental risk surrounding what’s happening with cryptocurrencies has hit bottom. We are now in a state of recovery.”
Bitcoin will “continue higher from this point,” he said.
New York held the Blockchain annual event this year hence a reason why the digital currency has surged in recent times after the price crash Sluymer insisted. The strategist said Bitcoin has historically risen every year after the Consensus, a Blockchain Week event. He further indicated that Bitcoin would rally another 100% by this year-end.
Bitcoin’s Position in Recent Market Reports
Bitcoin’s price reduced to 8,531.57 USD by 14:00 (GMT) this Friday, as reported by smartereum.com. However, it realized it’s the highest value before last Christmas when it got to the monumental 20,000 USD.
Bitcoin has faced criticism from financial experts and banks alike, with Philip Lowe, Australia’s central bank governor saying the fascination around digital currencies like Bitcoin felt like “speculative mania.”
According to Lowe:
“Bitcoin’s value is very volatile. The total number of transactions that can be handled on the platform currently is meager. We also have the issue of governance, and the high cost involved in conducting transactions with bitcoin is plus the estimate of the amount of electricity consumed in the mining process of digital coins is staggering.”
John Williams, the Head of San Francisco’s Federal Reserve Bank said there are “many issues” with Bitcoin.
In an interview with CNBC Williams said:
“The institutional setup around Bitcoin and other digital currencies, firstly have problems with fraud, money laundering, and terror financing. There are many problems there.”
Williams added that digital currencies don’t “pass the test of what financial means of exchange or currency should be.”