The Bulls for Bitcoin like Tim Draper and John McAfee are still predicting Bitcoin to reach $25,000 in 2018 and $250,000 in 2022. There is also the prediction that cryptocurrencies will become a $20 trillion market by 2021.
This is based on institutional projects and institutional investors putting money into the cryptomarkets in a big way.
Bitcoin ETF’s have been rejected by the SEC, but there are other applications for ETF’s. It is believed that eventually the SEC will approve Bitcoin and other Cryptocurrency ETFs.
ETF’s and mainstream financial institutions with crypto indices will make cryptocurrencies investable by institutions.
On the bear side, Bitcoin and cryptocurrencies are down to about one third of their peak value and Bitcoin has fallen back to the mid-$7000 support level after rallying over $8000.
Cryptocurrency will become a $20 trillion market. I believe it will be 10 times that. Remember: Fiat currencies will be drastically devalued as Crypto advances. By 2021, the US dollar will be worth only 1/5 of what it is worth today. Believe these numbershttps://t.co/nAimXJXc4Y
— John McAfee (@officialmcafee) June 9, 2018
Oops! I predicted $250k in 2022. My tweet last night was missing a zero. $250k is the number!
— Tim Draper (@TimDraper) April 13, 2018
I don’t see $btc dominance pulling back any time soon. Lots of cool institutional projects coming and most will start with bitcoin. Stay long.
— Michael Novogratz (@novogratz) July 31, 2018
— Bloomberg Markets (@markets) July 31, 2018
— Thomas Lee (@fundstrat) July 27, 2018
Coincidentally, this happened while the SEC rejected a proposed rule change that would have allowed an exchange to list a #bitcoin ETF in the US.
— CoinShares 🌔 (@CoinSharesCo) July 31, 2018
Latest @fundstrat benchmark crypto indices out (free to download https://t.co/VhT2lL2bfN) Overall market up 6.3% last week. Best to worst:
FS 10 +7
FS 300 +6.4
FS Agg +6.3
FS 40 +5.3
Eq Wt +3.5
FS 250 -2.7% pic.twitter.com/p4x0osF0oj
— Ken Xuan (@fundstrat_ken) July 30, 2018