Bitcoin: Greed is the main driver at the moment

Yann Quelenn Swissquote Bank Ltd

Sheer greed is driving the cryptocurrency higher, perhaps to USD 20,000 per coin by Christmas. This would put Bitcoin’s market cap above US$300 billion, one third that of Apple! Bitcoin is unique in history, true, but a correction will likely be very tough.

Two Chicago exchanges, the CBOE and the CME, will soon launch trading of cryptocurrency futures. This signals an impending stampede of institutional investors – many speculators, some hedgers. Just watch the fireworks fly.

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Author

Yann Quelenn

Swissquote Bank Ltd

Yann Quelenn is a Market Analyst at Swissquote Bank with strong technical and financial background. Previously, he worked as FX Trader at Banque Privée Edmond de Rothschild and as Portfolio Manager at Polaris Investment in Luxembourg.

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