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According to a panel of experts interviewed by Finder.com.au, a revival of bitcoin could see digital currency rise by nearly 84% by the end of 2019.
After peaking at $ 20,000 in December 2017, as a result of a global crypto-currency craze, bitcoin lost 71% of its value and spent most of last year around the bar of 4000 USD. At the time of writing, bitcoin was trading at just under US $ 3,500.
Of the six Fintech experts who presented their forecasts, Digital Capital Management's Chief Operating Officer Ben Ritchie was the most optimistic, reaching $ 9,500 at the end of the year. The average price forecast was just under $ 7,000.
"Two things to watch for in 2019 will be whether we will see a decoupling of cryptocurrencies, as their trend has been relatively similar," said Richie in his report, in which he predicts a "slow and steady rise in 2019 ". .
"The second is the impact of traditional markets on cryptocurrencies. Will Bitcoin increase if the S & P goes down? The rise and fall of access for the purchase of cryptocurrencies will improve in 2019 with the entry into the Bakkt market and Fidelity Group. However, I do not think many institutional investors will come in for a while. "
A poll conducted by the comparison site revealed that the millennial generation had been the main user, with 12% of respondents aged 24 to 38 reporting investing in cryptocurrency, which equates to 661,000 young Australians.
Bitcoin, the original digital currency, was the most requested, followed by the ethereum and the ripple. In total, about 6% of adults, or about 1.1 million Australians, said they invest in cryptocurrency, up from 5% a year ago.
"Millennials are particularly open to cryptography to accumulate wealth for themselves," said Fred Schebesta, co-founder of Finde.com.au and HiveEx.com. "They grew up with digital technology, so it's no wonder they want to get involved in digital currency. They plan to invest very differently from their parents. "
Mr Schebesta said that lack of understanding was one of the main obstacles to market entry, with 11% of respondents saying it was too complicated to trade in cryptocurrency. . Older Australians were particularly skeptical: only 1% of baby boomers were involved.
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