At a conference this week, the Geopolitical Strategist, George Friedman said that Bitcoin and other cryptocurrency technologies will be hacked by the US, Russia and China in the future, rendering them useless. However, Mr Ran Neu-Ner disagrees…..
One of the more interesting cryptocurrency traders in the market, Ran Neu-Ner has made it clear that in his view, Bitcoin has not hit bottom but believes it is a buy. The rationale is very clear – the Bitcoin rally can take it to 30, 40 or even $50,000 so the difference of buying it at $5,000 or $6,000 is not an issue (we are paraphrasing from a CNBC article).
The trader`s visit to CNBC made it clear that the $6,250 then $5,900 levels are technical levels that we should be looking at in the near term. However, in every traded commodity on the planet, the economics are what drive price so at $5,000 per coin, miners will be asking is it actually worth running their machines. The cost of keeping those machines running have several factors such as the input price of energy and the cost of keeping facilities cool.
Neu-Ner has stated that cryptocurrency is in its infancy and likens the current cryptoworld to the internet before there was a real browser. While many can speculate about the future of crypto and blockchain it is important to note that $9 billion was poured into projects this year by investors. This number continues to grow.
We at Classiarius believe that the 2017 and 2018 period for the crypto-space is much like the 1993 and 1994 period for the internet. People are still not sure what technological walls will be breached in the coming 5 years. However, as long as investors are pumping billions of dollars into new technologies and applications, we are hopeful that the next Google or Facebook will appear on the horizon.