Forecast: Bitcoin may soar 2-3-fold this year

Baku. 10 January. REPORT.AZ/ Bitcoin price in the global market can increase 2-fold or even 3-fold in 2018.

Report informs citing the Forexpf.ru, one of the founders and head of the consulting company Fundstrat Golab Advisors Tom Lee said.

Notably, T. Lee said that in August 2017, bitcoin would exceed the $ 10,000 limit and would surpass the stock market for its profitability. Although bitcoin’s price fell by about 30% after hitting historic record of $ 20,000, the expert said he had hopes for the future of digital currency.

In an interview with CNBC channel T. Lee said: “Bitcoin will easily exceed S&P index. In the long-term perspective, cryptocurrency should be seen as a tool for accumulation and capital maintenance. For the new generation, it will replace the gold".

"If bitcoin can get 5% of the gold market share, its price will be $ 50,000. This is 3-fold more than the current price level. If bitcoin hits $ 20,000 in the first half of the year, then it will grow faster”, analyst said.