One of the prominent traders in the bitcoin world, Tone Vays stated that based on his technical analysis on the short-term trends, and major price correction following the Chinese ban on the currency, bitcoin could have a bright future ahead.
Vays’ analysis showed that bitcoin could have the potential to surpass $100,000 by the end of 2018, which would effectively give the coin a market capitalization or market cap of many trillions of dollars. This has been an ongoing theory for years that the coin could have a market cap ranging in the trillions and has been stated by reporters such as Max Keiser of RT and many others. The possibility lies in whether or not in can become a viable alternative to the current banking systems and financial institutions.
Given the exponential rate at which bitcoin has grown regarding its user base and how the public has begun to receive it, the long-term price target of $100,000 is entirely possible. This will only occur if the large financial institutions across the country can find a way to accept and adopt bitcoin. During this year, Goldman Sachs and Fidelity investments, together worth trillions of dollars, have expressed their optimism in investing in the coin.
Fidelity CEO, Abigail Johnson stated in August that, “I am still a believer— and it’s no accident that I’m one of the few standing before you today from a large financial services firm that hasn’t given up on digital currencies.”
Johnson further stated that her company has been attempting to work with bitcoin by mining the currency as well as giving her customers a platform to use for investing.
The hopes are high that the world of financial investing can help to adopt bitcoin and make it a currency that will compete with the financial system we currently have.