CoinShares chairman Danny Masters predicts Bitcoin will rally this year and reach its previous highs.
But, there’s a catch—something needs to happen first.
According to Masters, better structures and a life cycle post initial coin offerings (ICOs).
“We need to see this [cryptocurrency] structure continue to build,” Master said in an interview with CNBC on Wednesday. “We need to see the custody solutions come and be provided. We need indices and we need performance measures where we can actually start to understand what we’re talking about and measure our performance,” he added.
He explains further that there must be more mature work around ICOs “so that post ICO we have a token life cycle,” he said. “And just give investors more clarity, better expectations, more transparency,” he added.
Bitcoin rallied around $8,300 on Wednesday evening, 5:30 p.m. ET. Although bitcoin has recovered from suffering huge losses earlier this year, it still has a long way to go before it can reach its mid-December peak of almost $20,000.
CoinShares, a crypto investment firm, launched the world’s first publicly traded bitcoin and Ethereum fund.