It’s no secret the crypto industry is not particularly at its most profitable moment. However, despite the dire state in which the crypto market has found itself, there are certain people who believe things will turn around in a big way — a new all-time high, even. Among these is Mike Kayamori, CEO of Quoine, a Japan-based cryptocurrency exchange platform.
Speaking in an interview with Bloomberg TV, Kayamori stated that by the end of 2019, Bitcoin would have reached a new all-time high position. While 2019 holds much promise, 2018 has been anything but promising, as the crypto market has been bearish all year long, with some bullish runs here and there. Bitcoin, which held an all-time high position of $20,000 the week before Christmas in 2017, has been on a steady downward spiral since then.
Join CCN for $9.99 per month and get an ad-free version of CCN including discounts for future events and services. Support our journalists today. Click here to sign up.
Kayamori blamed the current state in the crypto market to a lack of newness, saying “there’s nothing new, no catalyst” to propel the market forward. He, however, predicted that things would begin to pick up from next year, particularly in Japan, where Japanese exchanges have adapted to new regulations and the country’s crypto landscape prepares for the entrance of industry players.
Japan has been making quiet but positive moves to increase adoption of cryptocurrencies while churning out regulation to protect investors. Earlier this month, local Japanese news outlet reported that the Japanese Financial Services Agency (JFSA) has plans to regulate Initial Coin Offerings.
In the interview, Kayamori added that Bitcoin has performed even worse than many people expected stating that the general belief was that the $4,000 mark would serve as the technical bottom of the currency. When asked about what he believed to be the technical bottom, he said:
I don’t know. No one does. However, when you look at historical patterns and where things are going, I think the bottom is near.
Kayamori argued that while he expected Bitcoin to rebound in the latter stages of this year, that might not happen anytime soon. However, he went on to say that with the arrival of Fidelity Digital Asset Services, Bakkt, as well as a host of other investor-focused products in early 2019, “new momentum and sentiment” would be able to drive a drastic rebound of Bitcoin.
Featured image from Shutterstock. Mike Kayamori picture from LinkedIn.