Why 'Human Psychology' Could Drive Bitcoin to $50,000

July 26, 2018
Updated 6mo ago

By Jacqueline Corba

Bitcoin soared back above the $8,000 mark this week for the first time since May. The surge comes as more institutional investors look to grab a piece of the still-emerging crypto market.

"From a stored value perspective I'm a Bitcoin maximalist," Fin co-CEO and co-Founder Sam Lessin told Cheddar's Crypto Craze Thursday. "If you look at the broader blockchain and crypto ecosystem, I don't think people fully appreciate how deeply big a deal it is to have an immutable ledger globally."

Lessin, who served as a vice president of product management at Facebook from 2010 to 2014, joins fellow Facebook alum Anthony Pompliano in his bullish outlook on Bitcoin, the largest digital currency by market cap.

"I've got a high degree of confidence that at some point in the future its going to hit $50,000. And I've got some degree of confidence that it will be by the end of this year," Pompliano, who now runs Morgan Creek Digital Assets, told Cheddar.

The factors driving the value up? Human psychology, speculation around a cryptocurrency ETF, and growing institutional interest, said Pompliano.

Facebook itself even wants in on crypto. In May, Cheddar reported Facebook is developing its own digital currency.

"I have a lot of respect for the Facebook team," said Lessin. "What they have is a fundamental networkーthe biggest one ever in the history of the world connecting people." He called a Facebook move toward crypto an "obvious play."

For full interview, click here.