Vinny Lingham Says Bitcoin May Blow Through $10K, Test $12K Soon

The bitcoin price is trading higher headed into the weekend and is currently hovering at $8,572, up 2.7%. After the recent spike beyond $9,000 and dramatic fall back to Earth, the market clearly is doing its best to go higher.

Just ask Vinny Lingham, who is at the helm of blockchain-fueled ID startup Civic and a general partner at Multicoin Capital.

Technical trader Peter Brandt reflected on Thursday’s correction in the bitcoin price, asking if it was ‘enough to shake the…FOMO buyers from the trees.”

A recent Bloomberg article suggested that barely anybody is spending bitcoin and therefore the cryptocurrency’s use case as a currency is weak. The publication cited data from blockchain intelligence firm Chainalysis. Considering that most of bitcoin transactions are on exchanges, Chainalsyis suggests that speculation remains bitcoin’s chief use case.

Reference: https://www.ccn.com/vinny-lingham-says-bitcoin-may-blow-through-10k-test-12k-soon

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