Celsius Network co-founder and CEO, Alex Mashinsky, when asked if bitcoin was on a collision course to reach $500,000, told Yahoo Finance Live that $22,000 to $25,000 of bitcoin price was possibly going to end this year, and they will begin with a new level of $30,000 to $35,000 next year. Celsius, a crypto loan company, chosen to raise bitcoin to increase $20 million thru an equity crowdfunding in August to maintain its operation.
Mashinsky opposes that the supply is so unusual for bitcoin. The only direction crypto is heading over time is to go up because the demand is so great.
Other investors agrees with Mashinsky thinking by judging the action of late in bitcoin.
Bitcoin prices flowed beyond the $20,000 spot this week, and on Thursday prices sneaked to about $23,000. To date bitcoin prices are up to about 224%.
By mid-December 2017, bitcoin is giving some investors a flashback to the big run-up, only to drop to $3,100 a year later as they were crushed under the load of their own greed and a range of unfavorable news.
But industry professionals said it will be different this time because of new recognized demand for bitcoin. They think the purchasing only supports the view of bitcoin as a reliable alternative to fiat currencies.
Insurance giant MassMutual exposed a $100 Million investment in bitcoin for its general investment account this month. PayPal continues to buy bitcoin for its general investment to support the recent launch of the capability to buy, sell and trade cryptocurrency.
“Bitcoin is for everyone,” Mike Novogratz, a longtime bitcoin bull told Yahoo Finance Live. “Everyone should put 2% to 3% of their net in bitcoin and look at it in five years, and it is going to be a whole lot more.”