In its annual list of outrageous predictions for 2018, Saxo Bank sees the cryptocurrency hitting a peak of $60,000, prior to its collapse.
The prediction of the Danish bank looked outrageous until the digital token hit $17,000 overnight. Saxo publishes its outrageous predictions at year end partly tongue in cheek and partly to provoke more serious dialogue.
In its report, Saxo says «Bitcoin peaks in 2018 with bitcoin above $60,000 and a market capitalization of over $1 trillion as the advent of the bitcoin futures contract in December 2017 leads to a groundswell of involvement by investors and funds that are more comfortable trading futures than tying up funds on cryptocurrency exchanges.»
However what goes up must come down and Saxo elucidates saying the bitcoin phenomenon finds the rug torn out from under it as Russia and China move deftly to engineer its downfall. After its spectacular peak in 2018, bitcoin crashes and limps into 2019 close to its fundamental «production cost» of $1,000.
