Bitcoin Price Will Hit $20,000 Before Tanking

Bitcoin Price Will Hit $20,000 Before Tanking: Financial Expert Michael Spencer

Michael Spencer, CEO of NEX Group Plc, a London financial pro, sees bitcoin’s price reaching $20,000 before reversing steeply, joining the cadre of financial leaders that assert bitcoin is a bubble,

Spencer told Bloomberg TV’s Guy Johnson in London that he has no idea if bitcoin’s price will double until it halves, but said it might hit $20,000 “pretty damn fast.” Johnson began the interview speaking to bitcoin, which surpassed the $11,000 mark on Wednesday, as “irrational exuberance.”

Crypto Is Here To Stay

Back in July, Spencer stated he favors Ripple and Ethereum into bitcoin and that he would introduce NEX trading platforms to get cryptocurrencies. The issue with any bubble, ” he explained, is that you don’t know whether it is likely to double until it stinks.

“At a certain stage, it is likely to go a hell of ways back down,” he explained.

Bull markets typically reach a stage where everybody is bullish, he explained, and he does not believe bitcoin has reached this stage. , acknowledging who bitcoin has broad momentum, ” Spencer stated there are signs that it isn’t the opportunity to spend in it simply because others are doing this.

Thumbs Up For Blockchain

He explained blockchain technology can be used to provide real-time reimbursement of securities transactions.

The fact that a technology has consequences for many businesses where it can improve efficiencies doesn’t mean the bull market “can not roll on a little,” he said, hinting in bitcoin. He said that there are signals that this is not a time to be “pursuing how everyone else is.”

Spencer also dealt with the volatility of shares, Brexit, and other financial issues. NEX Group’s shares tumbled earlier in November after claiming market requirements were creating challenges for its post-trade providers and electronic trading.

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