Mike Kayamari, CEO of Quoine, a Japanese crypto exchange and a fintech firm has said that he believes that Bitcoin (BTC) by the end 2019 will “surpass” its own record of all-time high, during an interview on December 4 with Bloomberg Markets.
The statement comes after the ongoing industry-wide price slump. Kayamari believes the new moment and sentiment of the market will set in after the new year, mentioning that “there’s nothing new, no catalyst” in the near future to drive the price back up.
Kayamari stated that whereas many believed that $4,000 as the “technical bottom” for BTC this winter, and it failed to hold its market during the recent sell-off, he then added, “when you look at historical (patterns) and where things are going, I think the bottom is near.”
He backed his prediction by with his analysis by mentioning the pressure on Bitcoin miners, many of them are shutting their operations as the profitability is decreasing, “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 Kayamairi’s claims the Japanese regulators are now starting to open up again to green light new crypto exchanges and token listings after the $534 million hack from Japanese crypto exchange Coincheck, in January.
Along with it many regulators in Japan are starting fulfill the terms of Japan’s Financial Agency (FSA) in support of the clean up in the industry. He also applauded the Japan’s steps in this direction.
Japanese authorities are also looking into ways to prevent tax evasion on profits from cryptocurrency transactions.