As far as cryptocurrency markets are concerned, the last six months of 2018 has seen the exact opposite of that of 2017’s bull run last year. The year 2018 has taught hard lessons for cryptocurrency investors. As per industry report, cryptocurrencies have lost $700B since Jan 2018.
The CEO of Japanese fintech firm and crypto exchange operator Quoine has said he believes Bitcoin (BTC) will “surpass” its all-time price highs by the end of next year, during an interview with Bloomberg on Dec. 4.
Speaking on Bloomberg Markets: Asia, Mike Kayamori discussed the fall in cryptocurrencies in November, where he sees prices heading in 2019, regulation in the industry, consolidation, security token offerings, trends he’s seeing and the possibility of getting prices back to the record levels.
Mike Kayamori stated that although many had claimed that the “technical bottom’ of Bitcoin was going to be $4,000, the top coin had failed its mark during the recent sell-off. “That said,” he added, “when you look at historical [patterns] and where things are going, I think the bottom is near.”
He endorsed his analysis by noting the pressure on Bitcoin miners, many of whom are shutting operations as the drop in price has reduced profits. Kayamori noted:
“If there are enough miners going out of business, that [means] equilibrium is near. When you look at how markets overshoot, both up and down, you can probably say it’s close to the bottom.”
The complete interview with Bloomberg can be found here.
About Mike Kayamori:
As per Crunchbase, Mike is Quoine’s Co-Founder CEO, following a career spanning 20 years where he held senior roles at Mitsubishi Corporation, Globespan Capital Partners, and Softbank Group.
Having graduated with a Bachelor of Arts in Law from the University of Tokyo, before going on to complete an MBA at Harvard, Mike brings extensive experience encompassing Business, Management, and Investment within the technology and telecommunication sectors.