FXTM: Bitcoin to hit US$8,000 by year-end

01 Nov 2017 / 17:23 H.

    KUALA LUMPUR: The bitcoin market appears to be bullish with an expectation that it will hit the US$8,000 price mark by year-end.
    As at 5pm today, bitcoin traded at US$6,464. Year to date, it has jumped over five fold.
    FXTM global head of currency strategy and market research Jameel Ahmad said there is a lot of global demand and investor interest for the cryptocurrency, partly due to the rumours and hype surrounding it.
    However, due to the novelty of it and lack of historical data, it is crucial for a regulatory framework to be put in place to cushion the volatility and stabilise the instrument.
    "There's serious volatility in bitcoin. There are moments where bitcoin can drop by 5%-6% and obviously for investors, that is a huge concern. The significant risk around bitcoin and everyone who's considering in investing cryptocurrency, you have to be aware of this risk," Jameel said.
    "I've never seen an instrument or asset moves so much. It is rallying about 500% year-to-date," he said.


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