Roger McNamee, an American businessman and investor in Facebook, thinks this year will be the key year for bitcoin.
In an interview for CNBC, McNamee said he believes the bitcoin’s significant rise last year was achieved because of speculations, but he also thinks the potential legitimacy of the most popular cryptocurrency in the world depends on its endurance this year.
The businessman said: “Bitcoin is still a very small market in the context of the bigger financial world, but it had a significant year and that is due to the speculative mania. What people forget is that if the mania continues long enough, it becomes sustainable, so even after a fall that will follow, there is a real industry.”
According to McNamee, the current performance of the Bitcoin market with the capitalization of 246 billion dollars and daily volume of 12 billion dollars, shows it has the potential to attract even more money, which could become part of the global financial market at the ends.
He said: “With the current level of activity, there are people who are willing to invest for as long as it takes in order for bitcoin to become a long-term part of the financial market.”
In some other predictions for this year, Ronnie Moas, a famous stock market analyst, thinks bitcoin could reach a high value of 28,000 dollars this year. Just like McNamee, Julian Hosp, the co-founder of TenX, thinks bitcoin is extremely volatile, and estimates the price of the cryptocurrency could go up to 60,000 dollars or even drop to 5,000 dollars this year.