News

LedgerX Allows Retail Investors to Bet on BTC Reaching $100K by 2020

Published

on

.

Last modified

on

Ledgerx lets investors bet on BTC hitting $100K

Ledgerx, a US-based crypto derivatives platform is giving retail investors a chance to bet on BTC hitting $100,000 by next year. A report unveiled this news earlier today. Per the publication, this call option means BTC’s price could surge ten-fold. It also suggests that the coin’s market cap could soar to $2 trillion.

This positive bet on BTC is the first crypto derivatives product for retail traders by Ledgerx. Before this, the platform obtained approval from the US CFTC to run as a contract market for small or big clients. Since its approval, Ledgerx has allowed mainstream investors to trade derivatives for two years.

Paul Chou, Ledgerx’s CEO unveiled that such clients hold assets worth between $10 million and $1 billion. He noted that these clients have already shown interest in the new product.

According to him,

Dozens and dozens of these institutions got back to us saying we’d be interested in trading a contract like this. I understand $100,000 is a large number, but a lot of us who’ve been in this space remember Bitcoin at $1, and then it hit $10 and $100 and $10,000. A $100,000 contract doesn’t even make us blink.

More BTC Investment Options Set to Come as Volume Surges

In June, Bitmex, the largest bitcoin derivatives provider recorded the highest volumes this year. At that time, BTC hit $13,000. The platform recorded $1 million of open interest. On top of this, the firm’s trading volume hit $13 billion. This figure went as high as $16 billion across the platform’s product range.

Earlier this week, Grayscale Investments, a digital asset management fund registered an all-time high volume of assets. The assets under the fund’s management hit $2.7 billion. This figure nearly tripled its AUM holdings since Q2 this year. According to the firm, Institutional investors make up the highest percentage of demand for the firm’s products. Since July last year, their demand has stood at 84 percent. Also, the fund’s Bitcoin Trust (GBTC) went close to 300 percent as of July 9.

The mainstream sector is also set to launch physically-delivered bitcoin futures through Bakkt on July 22.  

Prior to this news, Anthony Pompliano, the co-founder of Morgan Creek Digital Assets predicted that BTC would hit $100,000 before 2021.

He said,

In August of last year I predicted bitcoin would go down to $3,000 before returning to $10,000. It essentially did that […] Now I think it’s going to $100,000, but […] there will be more volatility: there will be parabolic runs like we saw in June and then there will be 20-30% drawdowns from that. Along the way a lot of people will call the top at these local highs — they’ll be incorrect.

Do you think BTC will surge to $100,000 by the end of next year? Let us know in the comments below.

Trending