Running his own federally registered fund with expertise in cryptocurrencies, Ryan Derks, of Ryan Hodl Fund suggests that there are chances for bitcoin prices to reach $100,000. In an interview with Express.co.uk, they noted that bitcoin values can increase as more people globally continue to make use of it.
He went on to further claim that close to 5% of the world population are cryptocurrency users and if this trend is to continue, there is no stopping.
But he expressed concerns if the prices will rise given that there is a short supply of bitcoin in the market.
If people continue to hold very little value for their nation’s currency, then there is very little hope.
Mr. Derks went on to state that he would rather trade in a currency that cannot be influenced or falsify. So for him, this trend is expected to continue given that $100,000 dollars for a bitcoin is not unlikely.
He noted that third world countries will play a very vital role in the trend if they continue to turn to cryptocurrency.
The current adoption rate in third world countries is on the sharp increase and majority of them do not need to be convinced on what they can gain from adopting a currency that is free from any influence.
Bitcoin prices reached its peak last December of $19,535.70 but has since been on the down slide as it finds difficultly to maintain its previous glory.
Mr. Derks responded to questions about the factors behind the price changes saying bitcoin is influenced by the normal demand and supply market.
What he makes of the situation is that bitcoin is just following the market trend. With less bitcoin on the market with an increase in the demand from users, it results to an increase in prices.
The exert explained that only 21 million bitcoin will be in circulation and presently close to 25% has already been lost mainly during the early stages of its introduction when many users had very little interest in it.
Another significant effect will come from the global acceptance.
January has been a very rough month for the currency but there was a slight difference this weekend with a 14.35% increase in prices.