Tony Catt: ‘Bitcoin price could double but it will snap eventually’

Bitcoin burst through the $US10,000 price barrier for the first time yesterday, but Hub39 CEO Tony Catt is warning a ‘snap’ is just a matter of time.

In the past week alone, bitcoin’s value has surged by close to 30 per cent, and was trading at a record high of $US11,047 late yesterday afternoon (November 30, 2017).

Bitcoin’s rise in recent weeks has been put down to growing interest from major investors and a decision last month by exchange giant CME Group to launch a futures marketplace.

But Hub39 (the parent company of Altitude Advisory) CEO Tony Catt said further regulatory or political intervention may prompt a correction. “The thing (bitcoin) could double again before it stops,” he told The Advertiser this week.

“Past behaviour is the best predictor of future behaviour and momentum is a pretty powerful thing.

“Anybody who says they can predict what will happen to the price is making stuff up but what I do know is that it will snap. It will probably be in response to a political, regulatory or legal framework and it will be an interesting time when that happens.”