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LDJ Capital Founder and Chairman David Drake claimed the crypto climate is “weird” and can be “fraudulent” but there is unlikely to be one single internet currency on the crypto market. Speaking to Bloomberg News, Mr Drake said: “I’ve been saying for a couple of months that it will be a cold winter. “Regulators, the SEC, FINRA, they haven’t given us guidance yet on how to deal with this. The US is the biggest market in the world and right now Asia is really hard for cryptocurrencies. “But I’d say this year is a cryptocurrency Wall Street time and like Dorsey said, and we have said that before as well, we think cryptocurrency on the bitcoin will be worth $30,000 at the year end – it is limited.”

Getty•Bloomberg Bitcoin price: David Drake said bitcoin could reach $30k by end of 2018

We think cryptocurrency on the bitcoin will be worth $30,000 at the year end David Drake

Twitter CEO Jack Dorsey claimed bitcoin will take over the US dollar’s dominant place in world finance. Jack Dorsey, a noted bitcoin investor himself, suggested the shift could happen within a decade or less. Mr Dorsey said: "The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin." But he did concede that bitcoin is facing scaling issues which makes it “slow and costly”. Although the entrepreneur argued new solutions will ease the difficulty in the end. Yet, Mr Drake said he does not think there will be a single internet currency and insisted “hundreds” of cryptocurrencies will remain on the market.

In response to the comments, he said: “I think he might have meant that it will be an acceptable currency on a global basis because it was the first one from 2009. “But there is too many out there with great solutions. “Yet again, like Dorsey said, some of them are fraudulent and they are weird and strange. There’s too much hype. We have got to calm down a little bit.” Mr Drake also said he thinks there will be some changes to the top 5 cryptocurrencies over the next year. He said: “I think we are going to see some changes this year. The top five is going to change order. “I don’t think bitcoin will change. Bitcoin is capital preservation to me.”

Bitcoin rose almost 12 percent between on Sunday after Bank of England governor Mark Carney said cryptocurrencies do not pose a risk to financial stability. But Mr Carney has been highly critical of cryptocurrencies. The Bank of England Governor said it is a “privilege” to be part of the financial system and “responsibilities come with those privileges”. Mr Carney added: “The best of the cryptocurrencies, I would suggest, will gravitate to the best of the exchanges if they were regulated. And others will fall by the wayside. “In the end, it is not just about market regulation, part of this is about any money laundering, terrorism financing, other elicit activities.”

Cryptocurrency price: A year in charts Mon, March 12, 2018 Compare crypto currencies (Ripple, Bitcoin, Ethereum, LiteCoin) on value, market cap and supply for the past year Play slideshow coindesk.com 1 of 10 LiteCoin is going down with the market dip