The CEO of Quoine Mike Kayamori is advocating optimism in believing that Bitcoin will be climbing to an all-time high at the end of the next year.
In an interview with Bloomberg, Kayamori commented saying that he thinks the cryptocurrency market will pick up momentum next year, following the severe decline that the tokens have faced in the past month. The head of the Japanese firm thinks that Bitcoin will surpass its all-time high in valuation but said that “there’s nothing new” and “no catalyst” which will push the prices up in the new year.
Kayamori also noted that Bitcoin mining has taken a knock, which he thinks is pointing to a bottom for the token:
“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.”
Kayamori thinks that Japanese regulators are beginning to accept new cryptocurrency exchanges and that the Japanese Financial Services Agency (FSA) have been able to clean up after the mess that ensued following the Coincheck hack that saw $534 million USD worth of NEM tokens stolen in January of this year. Kayamori thinks that Japan’s ecosystem is in a state of consolidation at present and this will yield better practices of governmental regulation, asset segregation, and secure storage systems.
Owing to these practices being put in place, Kayamori thinks that the cryptocurrency will grow next year and claims that Japan will be a key component, having been the “first global economic powerhouse” with regards to cryptocurrency regulations.