Fred Schebesta, a co-founder of global personal finance comparison site Finder.com, released in April a Bitcoin price prediction of $7,500 by June 1.
With Bitcoin (BTC) prices trading just above $7,600, it looks like his prediction may come true.
Now, we had to make sure Money Morning readers know about his June prediction because since Schebesta was right once, a lot of crypto investors will be very happy if his next prediction comes true...
He predicts the price of Bitcoin will climb to $37,500 by the end of 2018.
From today's prices, that's a potential gain of 360.33%.
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In other cryptocurrency news, Canada announced it would retaliate against U.S. plans to slap tariffs on the country's steel and aluminum industry. Canada said it would place its own tariffs on U.S. steel, aluminum, and several other products.
With this and the political turmoil in Italy, more people may turn to Bitcoin as a safe-haven investment.
Here is a recap of the top five cryptocurrencies by market cap as of 3:00 p.m. EDT.
|Cryptocurrency||Market Cap||Price||Change (24h)|
|Bitcoin Cash (BCH)||$17,348,161,194||$1,011.08||5.23%|
Let's take a closer look at today's Money Morning cryptocurrency insight, as well as the most important cryptocurrency updates you need to know...
Money Morning Cryptocurrency Insight of the Day
China's President Xi Jinping said that blockchain was revolutionizing the global financial system.
The new and disruptive technology has the potential to make smart investors extremely rich over the next decade.
So what are the best blockchain stocks to buy in 2018?
We dig deep into this pending $2.3 billion market and give you the two best blockchain stocks to buy... right here.
The Top Cryptocurrency Stories for May 31
- The Bitcoin company Blockchain has reached 25 million wallets. Founded in 2011, the firm is one of the oldest cryptocurrency companies. The company now has more customers than the brokerage giants TD Ameritrade Holding Corp. (Nasdaq: AMTD) and Charles Schwab Corp. (NYSE: SCHW) combined, according to Blockchain.
- Ripple CEO Brad Garlinghouse has offered a bullish outlook for his crypto firm. The executive said that he thinks that Bitcoin will have less influence over other cryptocurrency prices in the future. Garlinghouse cited the improving knowledge of other cryptocurrencies and their underlying platforms. "There's a very high correlation between the price of XRP and the price of Bitcoin, but ultimately these are independent open-sourced technologies. It's early, over time you'll see a more rational market and behaviors that reflect that," he said in an interview with CNBC.
- According to reports, Venezuela has banned the import of cryptocurrency-mining equipment, including hardware, graphics cards, and computers. This is a surprising decision, given that Venezuela is one of the least expensive places in the world to mine Bitcoin.
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