Bitcoin could return to $15,000 this year - Former vice president of Goldman Sachs

Bitcoin could return to $15,000 this year – Former vice president of Goldman Sachs

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Christopher Matta, former vice president of the investment management division of Goldman Sachs, is still confident in bitcoin enough to invest money of his mother.

In June, the co-founder of Crescent Crypto Asset Management, Matta told CNBC on Fast Money, that the most conservative investor, if he analyzes the potential yield of bitcoins relative to risks in the context of other asset classes, will understand the uniqueness of the opportunity presented.

Since the interview, bitcoin has fallen by 7%, but this week Matta said that he does not lose his confidence and urges market participants to remain calm, noting that they invested their money in a long-term investment. On the air of “Fast Money” he acknowledged the existence of short-term volatility and recommended investing in bitcoin, focusing on 2-5 years.

“The bullish mood has not changed in the last 6 months,” he said. “The regulators began to approach. We believe that strengthening smart regulation is a good sign.”

“If you play for perspective, $6,000 is a good entry point,” Matta said, adding that he sees no reason to doubt the ability of bitcoin to return to $ 15,000 by the end of the year.

Answering the question about whether the appearance of futures affected the volatility of bitcoin, Matta noted that volatility remains at elevated levels. What effect on this indicator had futures, it is difficult to say, says Matta. “I do not think that there must be some causal relationship here,” he explained.

Matta also noted that the decline in the cryptocurrency market is observed not for the first time, however in the long term the infrastructure will continue its development. This will encourage the entry into the segment of both individual and corporate investors. The appearance of products like Bitcoin-ETF will increase the availability of this class of assets, he noted.

Asked whether he watched the influx of new customers, Matta responded positively. At the same time, he does not believe that the launch of bitcoin futures affected the deficit of the underlying asset, which, according to some, occurred with gold after the launch of the ETF. “I can not establish a link between futures and shortages,” he explained.

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