The Blackmore Group’s CEO, Philip Nunn, remains bullish about the prospects of bit-coin by standing by his prediction that the price of bitcoin would soar and hit the 60,000 dollar mark this year. He went on further to state that the crypto-currency would see both prices of 6000 and 60000 this year. While addressing attendees at Tech-Manchester by KPMG, he further explained that his prediction was based on market volatility which the market is still experiencing at the moment. Nunn’s comments could just as well be an expression of own personal feelings like most comments by investors are and not the product of objective market analysis.
Market sentiment is the most important factor that will always affect market performance. As Philip Nunn rightly communicated, the money that is currently being exchanged in the crypto space is not from institutional investors but rather from the general public, meaning that the trickling in of bad news can upset the market. The tiny size of the market also makes it prone to market manipulation. Market manipulation is such a menace, that the US Department of Justice is currently looking into it.
Nunn also revealed that financial industry giants such as hedge funds just can’t find an entry point into the crypto space. A pension fund for instance; may want to get in at a position of just 5 percent in crypto; such a move would really upset investors who are scared of losing their money due to high market volatility. A report put out by GP Bullhound stated that the markets were in for a 90 percent correction which would sweep away most of the crypto-currencies. Philip Nunn responded to this as it came up in the event by stating that main digital currencies such as Bitcoin, Ethereum and lite-coin were the Industry’s fabric and thus a mainstay while other smaller projects were likely to sink.
He numbed fears, however, by stating that a lot of startups may be saved by the large amounts of money they are raising for their projects. Nunn also stated that the era of the internet of information is now paving the way to the internet of value through block-chain technology. As a big block-chain enthusiast himself, he predicted that it was just a matter of time till the block-chain disrupted every major industry
