Bitcoin will reach $50,000 in 2018, says founder of bitcoin exchange 

Despite the recent bloodbath in cryptocurrencies, Bitcoin bull Arthur Hayes said the favorite digital coin will reach $50,000 by the end of the year.

Bitcoin’s cost has been on a wild roller coaster with investors, yet “something that will goes up to [around] $20,000 in one year can have a correction,” Hayes, the co-founder in addition to CEO of BitMEX, said on “Fast Money” Friday. BitMEX, or Bitcoin Mercantile Exchange, will be the largest cryptocurrency trading platform by volume.

“We could definitely find a bottom inside $3,000 to $5,000 range,” he said. “yet we’re one positive regulatory decision away, many an ETF approved by the SEC, to climbing through $20,000 in addition to even to $50,000 by the end of the year.”

In May, Hayes told CNBC that will bitcoin might reach $50,000 by the end of the year. He remained bullish on his forecast about the coin, despite a deep retrenchment inside digital currency’s cost.

Last week bitcoin, the largest cryptocurrency by market cap, fell below the $6,000 mark. The coin was priced around $5,900 Friday 5 p.m. ET, a steep decline via the December 2017 highs of around $19,500. Bitcoin will be down 57 percent in 2018.

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