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Bitcoin is nearing its 2017 levels, its price now sitting above $18,000.
Osprey Funds’ Greg King told us why he still thinks the cryptocurrency has more upside potential, saying the venture capitalist Tim Draper’s prediction of $250,000 is “possible.”
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In 2017, the price of bitcoin surged to nauseating heights. Then it came crashing down.After closing at $876 on January 2, 2017, it began its journey to it’s all-time-high price of $19,783 in December that year, before falling back towards $3,000 over the next 12 months.Now, the price of the cryptocurrency is jumping again. It currently sits at over $18,000.This is because of factors like an increase in institutional investors in the space, heightened demand, and a broadening normalization of the asset — PayPal, for example, recently announced that it will allow cryptocurrency transactions on its platform.Some fear the hype is overblown, however, and that a repeat of bitcoin’s Icarus-like fall is bound to occur.But according to Greg King, CEO of Osprey Funds, while the cryptocurrency may see its price drop in the short-term, it still has a lot of room to run in the longer-term. King has been creating cryptocurrency investment products — like the Osprey Bitcoin Trust — since 2016.”I do …
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