In its traditional review «Shocking forecasts», Saxo Bank predicts that in 2018 the increase in value of bitcoin to $ 60,000, after which it will fall to the fundamental «cost of production» coins $ 1,000.
Outrageous Predictions is not an official forecast Saxo Bank. This annual event, which this time the Danish Bank terms “extremely improbable events with underestimated potential.”
«This year the growth of bitcoin and other cryptocurrencies was one of the most exciting phenomena in the financial market. Bitcoin will continue to rise — and rise high during the greater part of 2018, but Russia and China will bury him,» say analysts at Saxo Bank Kay van-Petersen (Kay Van-Petersen) and Jacob Pouncey (Jacob Pouncey).
According to the scenario «shocking forecast», the continuing boom and the advent of cryptocurrency derivatives will drive the price of bitcoin at around $ 60,000, bringing total capitalization to $ 1 trillion.
However, further events unfold in reverse order.
Capital flight will force Russia and China to deploy an attack on a decentralized ecosystem in all directions. In order to support their own cryptocurrency, under the pretext of environmental concerns, these countries will be prohibited from mining.
«State intervention will lead to the decline of interest in all cryptocurrencies, and thus will completely replace bitcoin and other cryptocurrencies from the field price speculation,» the analysts write.
According to experts of the Bank, the result will be a reduction in the price of bitcoin in 2019 to the fundamental “cost of production” — $1000.
Last year, Saxo Bank predicted that Russia and China will be inclined to accept bitcoin as a partial alternative to the US dollar, the traditional banking and payment system. Against this background, the bitcoin price for the year should rise to $2100. However, today it has exceeded $16 million.