The game of bitcoin hasn’t even started yet, said cryptocurrency trader Ran Neu-Ner.
“We haven’t even got to the start line of cryptocurrencies,” Neu-Ner told CNBC on “Power Lunch” on Friday. Neu-Ner, who is host of CNBC Africa’s “Crypto Trader” and the founder of Onchain Capital, has been tracking bitcoin since last year.
“The technology isn’t ready to go mainstream yet,” Neu-Ner said of the volatile crypto market.
The un-scalable market and difficulty opening crypto accounts also makes it problematic for the general public. Neu-Ner also pointed out that many new retail investors got into the market before understanding the technology.
“Yes, there is a new digital gold, a new digital store of value,” said Neu-Ner, whose own portfolio includes more than 40 cryptocurrencies. “I think bitcoin is the store of value. But the game hasn’t even started yet.”
As mass market adoption of cryptocurrencies begins to take place, bitcoin and other cryptos will get a universal store of value, Neu-Ner said.
Bitcoin, one of the most popular digital currencies, experienced a wild roller coaster ride last week amid fears of regulatory crackdowns and possible price regulations. The digital coin lost $125 billion in total market cap in one week.
But even as volatility makes its way back into the market, Neu-Ner believes bitcoin will rally to $20,000 in 2018. He said volatility is good for the market.
“I’m expecting the market to hover here for a little bit, a little bit nervous,” he said. “And then I’m expecting some kind of something to bring up a green candle, and that will start the momentum back up again.”
