Bitcoin Knowledge host and famous advocate Trace Meyer has suggested Bitcoin could hit $115,000 in 2018 after its improvement ends.
Wall Street Money Mountain ‘Lining Up’
The latest in a cluster of tough forecasts for the Bitcoin price to surface in recent weeks, Meyer tipped fellow analyst Tone Vays for suggestions on what to expect over the remaining months off the year.
He also adds that $115,000, despite being a theoretical possibility based on previous behavioral cycles, would be “much overvalued,”.
In accompanying comments he also wrote that;
“Current (Bitcoin) run very similar to Jan-Mar 2013 run ($7->$266->$90; $700-$20k->$9k) with backlogged new accounts, etc. then Silk Road catalyst (salable supply shock) for $100->$1,200. Mountain of (Wall Street) money lining up,”
Presently Bitcoin is recovering from a price dip for last 48-hours since 2013’s Mt. Gox implosion.
Trading around $11,370 at press time, major exchanges had offered as little as $9402 per coin Wednesday, representing the lowest asks since late November.
Tempering 2017’s Epic Bull Run
On the topic of Wall Street participation moving Bitcoin markets, the publication suggested this week’s bonus allocation would result in a “buying spree” seeing cash flow into both Bitcoin and major altcoins.
According to the suggestions made by Mayer for Bitcoin due to extra investments Bitcoin will “overvalue” he further suggests that a fair price would lie between $9500 and $14,340. This means that average value that traders of the crypto currency (Bitcoin) should expect for the coming time of the year is the average value in USD on last Thursday.
Fundstrat’s investor Tom Lee a return to $20,000 in 2018, but that was before this week’s downturn. If it is managed until June it could result in a protracted move into new all-time highs.
“So I think Bitcoin is still something you should own,” he told CNBC in comments January 9.
What are your thoughts about Trace Mayer’s Bitcoin price prediction? Let us know in the comments below!
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share