Phillip Nunn has stated that he still believes Bitcoin will reach $60,000 this year. The CEO of The Blackmore Group and Wealth Chain Group today confirmed his January price forecast.
Many crypto projects like Bitcoin Profit will fail
Nunn spoke to BusinessCloud at KPMG’s Tech Manchester event on Thursday. He said he still believed in his January forecast. Earlier this year, he predicted Bitcoin would reach both $6,000 and $60,000 by 2018.
“The forecast was based primarily on the market volatility we are Bitcoin Profit experiencing at the moment; I think that is really obvious. I totally stand by my prediction.”
“All the money that’s in crypto right now comes from the public, so it’s all about market sentiment. A flood of bad news can shake the market, things like regulation. “The industry is so small that there is market manipulation.”
According to BusinessCloud, Phillip Nunn firmly believes in the transformative power of blockchain technology. It goes so far that the state has the potential to disrupt every industry on the planet and thus decentralised organisations are the way forward. In yesterday’s interview scamcontrol said that he is often in talks with banks, financial institutions and hedge funds and that they all want to participate in the crypto currency, but are struggling to find a suitable entry point:
“There’s no point of entry at the moment….. If you are a pension fund with a pot of 5 billion pounds and want to take a 5% position in crypto, you will really upset your investors because of the volatility of the market.”
So far there is not yet the necessary infrastructure for the market entry of institutional actors. However, companies such as Coinbase and others are trying to change this with new products for financial institutions. Philipp Nunn believes that most of the digital assets will disappear in the coming years and that only some of today’s top crypto currencies will prevail in terms of market capitalization.
“The core market such as Bitcoin, Ethereum, Litecoin and Ripple, to name but a few, is already well established in the market. “They are the fabric of industry, if you will.”