Ikigai Asset Management founder Travis Kling has predicted that bitcoin will achieve a new all-time high within the next 18 months.
Bitcoin Price Impact
Kling, who founded the venture capital fund in 2018, has a history of applying global macroeconomics to its effect on bitcoin. Kling said the most recent price crash for bitcoin, during which BTC dipped below $8,000 was in part due to rising repo transactions and a disruption in the eurodollar marketplace.
If you drop a big rock in the middle of a pond, how far do the ripples go?
All the way out. Getting smaller as they go.
If you throw a wrench in the quadrillion dollar eurodollar market, how far out does liquidity hiccup? BTC 30-day circulating supply is <$20bn. Small ripple.
— Travis Kling (@Travis_Kling) September 25, 2019
Kling told Yahoo Finance that Bakkt’s seemingly disappointing launch also contributed to bitcoin’s price fall,
Bakkt’s launch was Sunday night, and when the volumes came out and were disappointing relative to expectation for Bakkt’s launch it sort of opened the hatch for lower prices.
When asked about the impact of macroeconomics and liquidity on the crypto markets, Kling said that it’s been “dynamic and shifting.” He called bitcoin a risk asset that serves as a “hedge” against irresponsible behavior by central banks and global economic authorities.
Ikigai’s founder made the analogy of bitcoin as a “canary in the coal mine” for traditional asset classes, serving as an indicator for global market behavior trends. Kling concluded the interview by giving his prediction on bitcoin’s next price peak,
Hard to say what happens between now and the end of the year…but it is our base case that bitcoin makes a new all-time high in the next 18 months. That’s twenty-thousand.
Featured Image Credit: Photo via Pixabay.com
