By Dipo Olowookere
The price of one Bitcoin will reach $20,000 before tanking, a financial expert in London has told Bloomberg TV.
Michael Spencer, who is the CEO of NEX Group Plc, made this submission and he said this would be achieved very soon.
Lately, there has been a surge in the price of the cryptocurrency, hitting over $11,000 last week at the market.
On Monday, December 4, 2017, a Bitcoin was exchanged at about $11,323 (N4.2 million).
However, just like other analysts and observers of the cryptocurrencies, Mr Spencer believes that the Bitcoin is a bubble.
He told Bloomberg TV’s Guy Johnson in London that he has no idea if Bitcoin’s price will double before it halves, but said it could hit $20,000 “pretty damn quickly.”
“At some point, it’s going to go a hell of a long way back down,” Mr Spencer said, though he acknowledged that cryptocurrencies were here to stay, but maintained that Bitcoin is a bubble.
In July, Spencer said he prefers Ripple and Ethereum to bitcoin and that he might introduce NEX trading platforms for cryptocurrencies. The problem with any bubble, he said, is that you don’t know if it’s going to double before it halves.
Bull markets typically hit a point where everyone is bullish, he said, and he doesn’t think Bitcoin has reached this point.
Adedapo Adesanya 
Modupe Gbadeyanka