London’s financial expert, CEO of NEX Group, Michael Spencer (Michael Spencer), was among those financiers, who believe the bitcoin bubble. Nevertheless, he believes that the price of bitcoin will reach $20 000, and only after this will go down dramatically.
In an interview with guy Johnson (Guy Johnson) on Bloomberg TV in London, Spencer said he has no idea will double if the price of bitcoin until reduced by half, but noted that the $20 000 can be achieved «pretty damn quick». Johnson called the growth of bitcoin, which has exceeded $11 000 last Wednesday, «irrational.»
In July of this year, Spencer said that instead prefers bitcoin Ripple and Ethereum, and that he may establish a trading platform for cryptocurrency NEX. However, he rightly noted that the problem with any bubble is that you don’t know to double the price before the collapse.
«At some point we are waiting for a hell of a long way down,» he said.
Spencer is confident that the market, which is characterized by a trend of increasing prices, at some point you begin to play on the rise, but bitcoin has not yet reached this point. Bitcoin has a wide pulse, but there are signals that now is not the time to invest in it just because others do it.
Like many other skeptics, Spencer is optimistic about the future of the blockchain, noting its potential and huge impact that goes beyond financial markets. Spencer believes that blockchain technology can be used to calculate transactions for securities in real time.
«The fact that the technology affects many industries, in many cases, increasing efficiency does not mean a market in which rising prices cannot be terminated,» said he, alluding to bitcoin. In his opinion, there are signals that now is not the time «to chase everything and to do so, as do others.»
Spencer also touched on the volatility of the stock, Pexit and other financial topics.
In November, after allegations that market conditions create problems for clearing and settlement services and electronic trading, shares of the company NEX Group fell.