Charles Shrem, the top executive of a New York City-based Bitcoin company, walks from the federal court house in New York Thursday, Sept. 4, 2014, after pleading guilty to federal charges that he helped smooth the way for drug transactions on the online marketplace Silk Road. (AP Photo/Craig Ruttle)
Charlie Shrem: May 2018 Will Be ‘last Time’ Bitcoin Costs Under $10,000
Bitcoin Foundation founder Charlie Shrem has gone on record to forecast that May 2018 will be “the last time” Bitcoin costs less than $10,000.
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In a Tweet from May 3rd, Shrem, who since returning to the cryptocurrency industry has vowed to propagate Bitcoin’s benefits to a wider audience, claimed this month would mark a significant turning point in Bitcoin markets.
Shrem’s enthusiasm comes at a time when Bitcoin prices continue to reverse the downward trend which began in December 2017.
Reaching lows of under $6,500 in Q1 this year, BTC/USD gained over 30% in April and has continued climbing since, reaching $9,750 for the first time since March 8th this week.
At press time, slight volatility was visible on markets, with swings of several hundred dollars occurring on hourly charts.
A FAMILIAR TREND
While Bitcoinist previously reported on research showing long-term trends pointing at the start of a ‘hodl’ period in Bitcoin, this week saw one of the clearest signs yet that a trading spree could soon begin.
Goldman Sachs, the investment bank whose CEO Lloyd Blankfein said in December last year that Bitcoin “isn’t for him,” revealed to the New York Times it plans to offer Bitcoin futures trading within weeks.
Afterward, an executive said that more direct buying and selling could roll out to clients who have “inundated” the bank with Bitcoin access requests.
The move echoes that of CME Group and CBOE, both of which released licensed Bitcoin futures in mid-December, at a time when prices were propelled to over $20,000 on some exchanges.
On social media, commentators were debating the likelihood of history repeating itself when Goldman clients enter the market. As with the first round of Bitcoin futures, which subsequently produced lackluster performance in the bear market, Goldman’s performance will also be watched closely.