But Not Before Plummeting to $2k First

Bitcoin has experienced a lengthy period of stagnation subsequent to the late 2017 all-time high of $20,000, with the most valuable cryptocurrency failing to challenge the $10,000 mark the first half of 2018.

ADVFN CEO Clem Chambers believes that Bitcoin is destined to climb beyond the dizzying $20,000 heights of the 2017 bull run, but not before the token drops further in value first.

"The blockchain will be the way of the future which will be like the internet was to the generation before. Bitcoin will probably be part of that future in the long term."

"Will bitcoin go back over from its previous high? It will probably hit $2,000 before it hits $20,000. But will it hit $20,000? I think so. Will it hit $100,000? I think that's quite likely."

A $100,000 Bitcoin, states Chambers, will be the direct result not of increasing demand for decentralized currencies, but due to a need for more currency in general.

"They are not creating enough money to make the world go around. The cryptocurrencies are filling that vacuum. Because that's an economic suction going on there and the cryptocurrencies are filling that vacuum. It will generate an economic lift."

The price of Bitcoin has bounced back from a recent minor price slump, with markets responding positively to news of favorable regulatory movements from Switzerland.

Bitcoin prices climbed 10% subsequent to the announcement that Swiss politicians are moving to allow cryptocurrency platforms to work directly with banks, with the Swiss central bank and federal government shifting toward a cooperative posture.

The announcement of crypto-friendly regulation in Japan and South Korea has also exerted a positive force on Bitcoin prices, with the Japanese FSA considering revisioning restrictive cryptocurrency exchange regulation alongside a South Korean government that will see the implementation of an industrial classification system for blockchain technology.

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