The bitcoin price is set to reach $10,000 in the next three years, according to an industry insider. The cryptocurrency has posted strong gains over the past few days, reaching new highs, despite a hard fork that led to a split of its blockchain.
In comments for The Cointelegraph, Kumar Gaurav, founder of Indian blockchain company Cashaa – Auxesis Group, highlighted the resilience the cryptocurrency had demonstrated in the wake of the separation. He also noted that more institutional money was going into bitcoin, with the price rise attracting more investors.
“There is increasing legal recognition, increasing media attention, a growing usability and acceptance, while the original, political reasons leading to Bitcoin's popularity are strong as ever,” Gaurav said, as quoted by The Cointelegraph. “Most recently the EU announcing the possibility for it to freeze bank accounts to prevent banks from failing, reminding of what caused the first ever Bitcoin rally, the Cyprus savings raid.”
Gaurav also said that the bitcoin price could be seen as a parabolic curve that sooner or later would take it to $10,000 in the next three years.
Other industry insiders also remain bullish on the original cryptocurrency. The chief executive officer of BnkToTheFuture.com Simon Dixon argued that altcoins actually added value to bitcoin as people who invested in them always turned to bitcoin “as a store of value to lock in any profits or losses they make from alternatives”
Meanwhile, Michael Vogel, CEO of Netcoins, described bitcoin as a robust and diversified product and highlighted the variety of use cases for the digital currency, such as remittances, online payments, store of value and others.
“Now that the Bitcoin civil war is over, I think we'll see a rapid influx of investors that had sold off in July rushing back into the market,” he said, as quoted by The Cointelegraph.
Bitcoin has continued its strong performance, rising to new highs in today’s trading. At the time of writing, the bitcoin price stood at $3,364, according to GDAX data.