Why Bitcoin Price Will Rise Again

According to recent news report, Barry Silbert, the CEO of Digital Currency Group, stated that he is optimistic that the price of Bitcoin will start rising again. During his speech at the Delivering Alpha Conference held in New York, he said that Bitcoin has "probably hit the bottom" for this year and that he has recently invested more money in the cryptocurrency. Silbert also expressed confidence that Bitcoin is a decentralized type of money that is here to stay in the long term. Others speaking at the conference have also had positive things to say about Bitcoin. Jeremy Allaire from Circle, a cryptocurrency startup that has received backing from large corporations like Baidu and Goldman Sachs spoke about the blockchain. He said that a lot of new technological developments will come from it. Allaire believes that the blockchain represents the "future of the Internet" and is more than just a technology powering cryptocurrencies like Bitcoin. Silbert isn't the only one with a positive outlook on Bitcoin. Marc Lasry, Avenue Capital's co-founder, added that he believes Bitcoin's price has the potential to hit $40,000 in the near future. Lasry stated that as Bitcoin becomes more accepted in the mainstream and is traded across different markets, its value will keep growing over time. However, not everyone is entirely positive about Bitcoin. Ken Griffin, the CEO and founder of Citadel, a hedge fund managing over $30 billion in assets has repeatedly expressed skepticism about the world's most popular cryptocurrency. He said that none of his portfolio managers have suggested making cryptocurrency investments and that there is no real need for decentralized digital currencies like Bitcoin, saying that they represent a "solution in search of a problem." He added that he believes Bitcoin is a bubble that is likely to burst soon and that the younger generation should concentrate their efforts on things that are more productive than investing in cryptocurrencies.