“Bitcoin is About to Explode!” is the opinion offered by Ran Neuner, host of CNBC Africa’s Crypto Trader TV show, but not everyone is in complete agreement with the founder of Onchain Capital and current CEO of the crypto consultancy The Creative Council.
According to Neuner, the United States Security and Exchange Commission’s (SEC) decision to engage in discussion about cryptocurrency related matters like the ETF’s Bitcoin proposal could spark another explosion in the price of currencies like Bitcoin in particular. After having dillied and dallied on these decisions for months and months, much to the consternation of those in the crypto markets, there could be a decision of some kind by as soon as the 26th of October 2018 - hence the optimism.
So sure is Ran Neuner of this rapid surge in Bitcoin’s (BTC) price in the near future, that he’s said to have invested even more of his own money in BTC - this time for the benefit of his parents. Expert crypto analyst Neuner went on to explain his optimism in greater detail, recounting how there was a huge increase at the back end of 2017, based almost entirely on the expected BTC futures contract cash settlement launch. On that occasion, the price jumped from $6,691 to an incredible $20,000 in little over a month.
Describing the imminently expected SEC decision on ETF’s Bitcoin proposal as being a “way bigger deal” than the aforementioned BTC futures cash settlement, Neuner thinks that BTC could benefit in a huge way.
Not everyone shares the view of Ran Neuner, however, as Uk based, market intelligence, data and forecasting company Juniper Research have predicted that the market could actually do quite the opposite and implode in on itself. According to a study conducted by the firm from Basingstoke in the South of England, BTC transaction volumes are on a downward curve and not at all indicative of any kind of explosion.
The report produced by Juniper Research, took more than just this evidence into account before coming to their conclusions, also examining the volatility of cryptocurrencies and how it is impacted by blockchain forking, hacking activities, global regulatory developments and exchange failures. The transaction volume numbers are however quite damning to the cryptocurrency cause, as it shows that as of September 2018, daily transactions had fallen to around $670m from a high of $3.7 billion in December 2017.
Another Example of Divided Opinion
The current Bulls versus Bears argument concerning the future of cryptocurrencies looks set to continue to rage for some time to come. There will be those on both sides that will point towards various different factors that support their argument and in truth, the evidence produced by both Juniper and Neuner is equally compelling.
On balance, it has to be said that the drop in transactions over the last year is quite a stark one, so it would be easy to be convinced that the bottom was about to fall out of the crypto market. However, Neuner is so certain in his beliefs that he’s putting his money right where his mouth is.
Maybe he knows something the rest of us don’t..