Quoine CEO Predicts Bitcoin Will Exceed All-Time High Next Year

https://www.dealstreetasia.com

In the wake of the industry-wide collapse across the crypto markets, the CEO of Japan-based FinTech company and digital currency exchange Quoine believes that Bitcoin could potentially “surpass” last year’s all-time high by the end of 2019.

During an interview with Bloomberg Markets: Asia on December 4, Mike Kayamori shared his views on the possible future of the crypto markets in the aftermath of the industry’s massive price slump, stating that “there’s nothing new, no catalyst” that could spark a potential bull run in the immediate future as of now.

As the CEO stated, while many in the crypto community view Bitcoin’s $4,000 mark this winter as the “technical bottom,” the top digital asset had since failed to sustain that value following the recent sell-off. However, Kayamori noted that “when you look at historical [patterns] and where things are going, I think the bottom is near.”

He further upheld his analysis, noting the increasing pressure on Bitcoin mining operators, of which most have since been prompted to terminate operations as the cryptocurrency’s price sharply declines, bleeding profits.

As Kayamori posited:

“If there’s enough miners going out of business, that [means] equilibrium is near. When you look at how markets overshoot, both up and down, you can probably say it’s close to the bottom.”

According to Kayamori, Japanese regulators are now gradually beginning to approve applications of new crypto trading platforms as well as token listings, following the $534 million Coincheck heist in January.

As it stands, the landscape of Japan’s crypto industry is currently undergoing a period of consolidation, as it establishes better practices across compliance, governance, asset segregation, as well as cold storage security for digital wallets.

As the “first global economic powerhouse” to introduce crypto regulations, Kayamori also emphasized Japan’s efforts as one of the forerunners of the industry’s new crowdfunding model, Security Token Offerings (STOs).

On top of the country’s initiatives in pioneering crypto-related fundraising activities, Japan’s Financial Services Agency is also reportedly developing ICO regulations in the interest of safeguarding investors from fraudulent crypto schemes, in addition to exploring ways to curb tax evasion involving crypto transactions.