Suave, debonair and charming , Brit Phillip Nunn is the CEO of The Blackmore Group and the Wealth Chain Group, and his skill is getting people to invest in things. However while Phil can probably convince most people of anything, convincing us that Bitcoin will end 2018 at $60,000 is a stretch, even for his charms.
In retrospect, we were all spoiled somewhat by 2017 and the across-the-board valuation increase enjoyed by every major cryptocurrency. Bitcoin began 2017 with a coin value in the hundreds of dollars, yet by December that had increased to almost $20,000. Ethereum’s value increased by more than 3,000%. Looking back, those were great times, and it felt like it was just the beginning.
2018: Crypto’s Annus Horribilis?
By the end of January 2018 however the combined crypto market had lost $340 billion in value, almost half of its market cap. While it cannot be proven, it would seem to be an inescapable fact that no sooner had Facebook chosen very publicly to distance itself from the likes of Bitcoin by banning all cryptocurrency related advertising from its platform, than the market was hit by a dramatic fall in value.
From that moment on, 2018 has been the worst roller coaster ride in the world for cryptos like Bitcoin and Ethereum, still the two most valuable digital currencies in the world. This rollercoaster has very brief highs, soon followed by dramatic lows. Of course, the fact that Google and Twitter and even Bing have followed Facebook’s example and banned crypto advertising hasn’t helped. To top it all, Ripple – the shining light of blockchain tech that seemed indispensable for the future of banking will now not be picked up by the world’s banks because of the cost and complications needed for installing the correct blockchain infrastructure for Ripple to function.
Thus far, to quote Queen Elizabeth II, 2018 is shaping up to be crypto’s “Annus Horribilis”, Latin for “Year of Disaster.”
Phillip Nunn Still Optimistic
Englishman Phillip Nunn is the CEO of The Blackmore Group and Wealth Chain Group, and is one of a number of Bitcoin die-hards who are still optimistic that the market will turn in 2018. In an interview earlier this year, Nunn told BusinessCloud that Bitcoin “would hit both $6,000 and $60,000 this year.”
BusinessCloud bumped into Nunn again last week at an event, and took the opportunity to catch up with him and find out if he still had the same opinion about Bitcoin in 2018. The first thing they asked was the $6,000, could that still happen?
“Well, we’re certainly about to see the $6,000 aren’t we? That’s probably a few hours away. The prediction was based on, first of all, market volatility which we’re experiencing at the moment; I think that’s really apparent. I absolutely stand by my prediction.”
While Bitcoin has been within touching distance of $6,300, at the time of writing this article it was above $6,700. Nunn continued:
“What you’ve got to remember is that the sharpest comparison to crypto in recent years is the Dotcom but actually crypto is a whole industry in reverse because the initial investment into it is from the crowd.”
“All the money that exists in crypto at the moment is from the public, so it’s all about market sentiment. A flood of bad news can wobble the market, stuff like regulation. The industry is so small that there’s market manipulation.”
Despite the crypto market’s seeming never-ending slide into obscurity, Phillip Nunn remains optimistic. He still backs his $60, 000 peak price for Bitcoin, and while Nunn admits the market is on an apparent downward spiral, Phillip still remains confident for crypto’s future, although states it will have to overcome significant hurdles in the near future.
Nunn rightly notes that the market thus far has been built on private investment, and now needs corporate – or institutional investors to come in and take crypto to the next level. The trouble is, at the moment there’s no obvious “entry point” for corporate investors:
“There’s no entry point at the moment. If you’re a pension fund with £5 billion in your pot and you want to take a 5 per cent position in crypto you’re going to really piss your investors off because of the volatility in the market.”
“The vehicles that exist in crypto at the moment aren’t suitable; you can’t be a hedge fund and get an investment like this signed off at board level.”
Should just one of Facebook, Twitter or Google do an about turn and allow crypto adverts on their platform, the market would benefit instantly. Once that happens, substantial corporate investment is just around the corner.
So the best thing that Phillip Nunn could do right now would be to use his considerable charm to sweet talk Twitter CEO and Bitcoin fan Jack Dorsey and convince him to get Twitter to drop their ad ban. That would be a start.