Peter Boockvar: Bitcoin may fall 10 times lower

Bitcoin still can fall much, much lower, warns Peter Boockvar, who leads the investment office at Bleakley Advisory Group. For a long time, it can stay at 1000-3000 U.S. dollars, which, if true, makes it a really bad news for those who invested at higher values - and there is a reason to believe that there were many traders who did this by jumping on the hype train in the autumn 2017.

People are concerned that this market can implode, but while being bearish or pessimistic when it comes to the price of Bitcoin, Peter Boockvar is surprisingly calm when asked about potential impact of the cryptocurrency collapse. While he admits that those people who used credit cards (the type where one borrows money from a bank) to buy Bitcoin and hoped to pay their debts with revenue, would suffer greatly, the CIO of Bleakley Advisory Group considers any major downfall of cryptos simultaneously being an increase of trust towards traditional currencies and central banks, which, in the end, is good for the world economy as we know it.

This prediction comes amidst the huge downfall of cryptocurrencies, but today the markets, according to Coinmarketcap, have at least stopped falling further below: most top 50 cryptocurrencies on that website appear to have gained profits in the last 24 hours. For example, Bitcoin Gold, an altcoin or Bitcoin variation which explicitly forbids ASIC mining, has become 16.19% more expensive.