As for the latest rise, global politics could be one reason, Peters reckons. “It’s busy out there with the US-China trade war rumbling on, a new Prime Minister on the way in Britain and protests in Hong Kong. Some investors will naturally be spooked and are seeking a safe haven in assets like crypto. Bitcoin’s price may have also been boosted by Tether ‘printing’ another $150 million, which has historically been associated with a bump in crypto prices,” he concludes.
George McDonaugh, CEO and Co-Founder of KR1, also advises caution, “On the long way up to $20,000 there were five moments where there was a 40% decrease in price. These shake-outs test your staying power and many new entrants will hand their precious coins back to the market,” he says.
“We will see huge corrections again, and passing 10k may well be the catalyst that drives us back down, but whatever happens, we’ve been clearly shown that the interest, adoption and money has not in any way left this new asset class.”