Chief investment officer at the Bleakley Advisory Group Peter Boockvar believes that bitcoin has enough potential to survive in the financial arena long enough.
But he also notes that when the bubble bursts, the price of bitcoin will fall dramatically.
Boockvar believes that the price of bitcoin may fall by 70-90 per cent:
I would not be surprised if the price of bitcoin this year will fall to about 1000, or $ 3000.
When asked, do not drop the stock market in case of a significant fall in the price of bitcoin Boockvar said that any fall that happens due to the fall of bitcoin, is simply psychological, because bitcoin is “not what really matters in the economy with a market capitalization of $ 19 trillion”.
He also added that the people in South Korea, Japan and the USA who have invested in cryptocurrency credit funds will suffer.
In his opinion, the fact that most of cryptocurrencies finite as bitcoin makes them attractive to investors.
The question is not whether bitcoin is a bubble, care many. The Yale University economist Robert Shiller, who received the Nobel prize for his work on financial bubbles, in September 2017 called bitcoin a classic example of a bubble. However, in January 2018 , Schiller stated that this bubble can last up to 100 years.