Phillip Nunn stands by his $60.000 Bitcoin prediction.
CEO The Blackmore Group and Wealth Chain Group confirmed his Bitcoin price prediction he made in January. Phillip Nunn still believes that the price of the first cryptocurrency will reach $ 60.000 this year.
Nunn said this on Thursday at the Tech Manchester event in an interview with BusinessCloud.
Phillip Nunn is CEO of Blackmore Group and Wealth Chain Group. He also performs around the world as a public speaker and passionate cryptocurrency investor. In January, Nunn said that the Bitcoin price would range from $ 6,000 to over $ 60,000 in 2018. It seems, at least part of his Bitcoin price prediction, we have already seen. Currently, the Bitcoin is trading at $6500.
“Well we’re certainly about to see the $6,000 aren’t we?” he told BusinessCloud at Tech Manchester event on June, 14.
“The prediction was based on, first of all, market volatility which we’re experiencing at the moment; I think that’s really apparent. I absolutely stand by my prediction.
What you’ve got to remember is that the sharpest comparison to crypto in recent years is the Dotcom but actually crypto is a whole industry in reverse because the initial investment into it is from the crowd.
All the money that exists in crypto at the moment is from the public, so it’s all about market sentiment. A flood of bad news can wobble the market, stuff like regulation. The industry is so small that there’s market manipulation.”
This is how Nunn explained the current crypto market decline. In his opinion, the digital assets sector is still small enough, and therefore is subject to both outside influences and manipulation. Nevertheless, he believes that blockchain technologies will change all the economic spheres in the world. According to Nunn, the reality is that the world is “moving from an internet of information to an internet of value”.
The entrepreneur reports that he regularly contacts large banks, hedge funds and other financial institutions. According to his statements, everyone wants to get piece of crypto-space. But their greatest concern is the discovery of the entry points.
“There’s no entry point at the moment,” he said. “If you’re a pension fund with £5 billion in your pot and you want to take a 5 per cent position in crypto you’re going to really piss your investors off because of the volatility in the market.”
In all this, however, Phillip Nunn remains optimistic in his $ 60.000 Bitcoin prediction.
He doesn’t claim what will happen and which altcoins will survive. But he is sure that as soon as the institutes find the entry point, we’ll see how bitcoin price will reach $ 60,000.