DigitalX executive director Leigh Travers told The West Live today previous runs on bitcoin in 2013 and 2017 had seen the value jump by 20 to 100 times the starting price.
This past year has seen a comparatively modest rise, a mere five-fold increase from US$15,000 to US$50,000, but Travers said the current investor fascination with the cryptocurrency was different to those earlier bubbles, which history now tells us had a tendency to burst.
That could be good news for investors who might be contemplating dipping a toe in the poorly understood crypto pool for the first time.
“This time we actually have seen a lot of really large institutions start to buy, and typically it takes them a six to 12 month process to do their due diligence before they buy,” Travers said.
“They’re not looking to sell it quickly because it’ll make 20 or 30 percent, it’s largely part of a portfolio allocation for them ... so I’m seeing this $50,000 as a sign the institutions are here and it’s part of a long-term investment.”
Full interview here: https://www.perthnow.com.au/technology/west-live-digitalxs-leigh-travers-says-there-is-still-time-to-jump-on-the-bitcoin-boom-ng-b881799427z