No one knows if the recent rally is the last pump before the bubble pops, or indeed if it is the tipping point. But, Octogon Strategy Dave Chapman is seeing a new breed of investors flowing towards cryptocurrency that makes him believe Bitcoin is growing up.
Chapman’s company, which specializes in commodity investment, especially digital currencies, is seeing a new flow of institutionalized money opening accounts with Octagon. These new account holders are the type of people that make it look like Bitcoin is growing up, not preparing to pop.
Heated market
The talk and debate around Bitcoin, especially at big rallies, is whether the digital currency is preparing to pop on the same level as Tulip Mania, the dotcom bubble and other such market crashes.
Chapman admits that the market is a heated one, but it is also a very different one.
“I don’t think we are looking at a bubble at all,” Chapman told Bloomberg. “I would say that the market is heated and a lot of people do think it is a bubble and it is sometimes hard for me to defend that position. But what I will say we are potentially at the tipping point.”
$10,000 not out of sight
For Chapman, the idea thrown around that Bitcoin could hit $10,000 by the end of the year is not as absurd as many think.
“I don’t think it is unimaginable to think we will have a five figure headline at the end of the year,” Chapman added. “There has been an enormous amount of investment that has come into <Read More>