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Peter Boockvar, the Chief Investment Officer at Bleakley Advisory Group, sees the potential for Bitcoin (BTC) to be around for a long time, but with a significant price drop coming when the Bitcoin bubble bursts, according to CNBC.
Boockvar sees a possible 70 to 90 percent price drop for Bitcoin this year, saying:
“Over the next year I wouldn’t be surprised if it’s [BTC] down to $1,000 to $3,000.”
When asked if the stock market would crash in the event of a significant fall in Bitcoin’s price, Boockvar said that any corresponding drop would just be psychological, because Bitcoin is “not something that really is that relevant in a 19 trillion dollar economy.”
However, he adds that people in South Korea, Japan, and the US who have been taking on credit card debt in order to invest in cryptocurrency will be hit hard.
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