The banker who had foreseen $100,000 BTC value is here with another prediction.
Apr 11, 2018 Posted / 805 Views
Dave Chapman is one of the Hong Kong's many cryptocurrency entrepreneurs. He is very optimistic and firmly believes that the digital cryptocurrency could bring about major transformations in the society. He has become a Blockchain preacher and suggests that people who are worried about the fluctuations of the market price of the digital currencies should take a step back and have a broader look at the advantages of the Blockchain technology.
In the year 2008, after the global economic crisis, his belief in the traditional and centralized financial system had gone. It was when he discovered the harsh truths of the banking system which they applied to move the market according to their wish he became a crypto lover. He had also worked with the major financial institutes of the world namely Credit Suisse, Bear Stearns, and HSBC.
He was introduced to Bitcoin in the year 2012, only within one year he was completely hooked on to the technology. In an interview with South China Morning Post, Chapman said:
“One of the really fascinating things that kept me coming back to bitcoin when I first saw it is that there was no central authority. That means no one can stop it. A bank can’t stop it. A dictator can’t stop it. Parents can’t stop it.”
Meanwhile, various banks also started to understand the potential of the digital currency that they had a lot more scope for their maturity. They also gained the knowledge that regulation was unavoidable in order to make the cryptocurrencies to improve. Chapman who was working for HSBC partnering with Hugh Madden and Ken Lo, both also stressed by the financial system started their personal Bitcoin exchange.
When Chapman was asked about the market’s current trends with respect to development. He referred to the similar condition back to 1995 when the internet was introduced, where most the developers were concentrating on defining the experience of the users.
In a statement given by Chapman in 2017, he predicted that the Bitcoins value could reach up to $100,000 price target on it before 2019. While this prediction might sound unworthy, he had also predicted earlier that the prices might reach up to $10,000 by 2017. Proving which the currency actually tipped $13,000 on the new year's Eve. This predictions also supports the statement of Tom Lee, a crypto enthusiast, who had said that “bitcoin is ‘digital gold’ for millennials and could reach the ‘$100,000 range.”
“I was quoted back in August (2017) when bitcoin was trading at around $4,000 that we would have a five-figure headline by the end of this year,” said Chapman in December. “I think a lot of people thought I was crazy, a lot of people scoffed at me, but that’s OK.”
As Chapman took his initial steps towards the cryptocurrency world. He was posted by a lot of resistance from his banking colleagues as they referred him as “crazy”.
He was doubted, as he had left his reputable job and had decided to take a risk in the ever-fluctuating crypto economy.
“And now, the same bankers are suffering from FOMO (Fear Of Missing Out)”, says Chapman.
He also introduced Octagon Strategy, a brokerage which is cryptocurrency related, currently dealing with $1.5 billion in trades. Despite the bearish trend in the economy the companies have managed to thrive and are moving to larger offices. Currently, the firm is trading only 7 cryptocurrencies, they are looking forward constantly for perfection and hence are willing to operate 40 to 50 cryptocurrencies by the end of 2018, as the company is preparing on ICOs hitting the Crypto world. To our surprise, the ex-Morgan Stanley director is the CEO of the Octagon Strategy proving his idea that the financial people are certainly aware of the potential of the digital assets.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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