Kenetic Co-Founder: Bitcoin to Trade at $30,000 by Late 2019, Regardless of Bitcoin ETF
A senior executive at blockchain investment firm Kenetic said that bitcoin will hit new highs in 2019 due to growing institutional interest.
Kenetic Capital’s Jehan Chu provided his stance on major issues around bitcoin in an interview with “Bloomberg Markets: Asia” published on May 28.
According to Chu, bitcoin will continue its bullish direction along with the rest of crypto market in 2019 due to three main factors, including the drive of mass adoption by global giants such as Facebook, JPMorgan, Rakuten and Fidelity, who have recently turned their interest towards crypto.
Chu added that his bullish prediction is also based on the suggestion that the crypto industry could become a “better tech story” that is sought by global investors after what he calls the disappointments around the Uber and Lyft IPOs.
Finally, the expert pointed out the upcoming bitcoin halving, a process of dividing the number of generated rewards per block in order to maintain the total supply of bitcoin, which he notes has previously pushed prices upwards in double digits percentages.
“A combination of these three factors, I think, will really see us getting from where we are now to $30,000.”
In the interview, Chu also delivered his stance on one of the most anticipated events in crypto industry — an approval of the first bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC).
Chu stated that he is not waiting with “bated breath” on an ETF to be listed anytime soon, arguing that the major attraction and volume that will take place from global giants will disrupt the field, “regardless of whether an ETF comes tomorrow or in ten years.”
On May 20, Dave Nadig, managing director of а leading authority on ETFs, stated that the SEC is "still in information-gathering mode" regarding a bitcoin ETF.