Lew Klaasen: Bitcoin will rise to $40,000, 90% of altcoins will disappear

Bitcoin Foundation executive director Lew Klaasen predicted that the price of bitcoin will rise to $40,000 this year, while 90% of other cryptocurrency projects are doomed to fail, Business Insider reports.

At the Startup Grind conference, which took place from February 12 to 14, Klaasen said that these failures will be associated with large investments by investors in projects that ultimately turn out to be scams.

In just a month and a half of 2018, 5 fraudulent ICOs and crypto exchangers were uncovered, one of which was the notorious Bitconnect. 

Klaasen is confident that the cryptocurrency community will learn from its mistakes and be able to prevent them in the future. He believes investors are already taking every possible precaution and said “this is a problem that the market will resolve on its own over time.” 

Next, he shared his vision of the growth of Bitcoin. In his opinion, the option when Bitcoin gradually grows to that same $40,000 mark is unlikely. Rather, its price will jump sharply over the course of three to six months until it consolidates at this level.

According to https://cointelegraph.com