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Bitcoin Price Stable as Bitmain Launches Silicon Valley Office

Bitcoin and cryptocurrency investing concept

Bitcoin’s biggest mining hardware company Bitmain has bought an office block in downtown San Jose, deep within the U.S. tech-hub of Silicon Valley. The move follows the launch of Bitmain mining centers in Washington state and Quebec earlier this year.

The Chinese ASICS-chip manufacturer was recently given a valuation at $12 billion and plans to launch an initial public offering (IPO) later this year which may push its value to $40 billion.

The firm has also begun to invest in Silicon Valley startups as a way to expand its venture capitalist interests. Other recent investments include a $50 million stake in security-based internet company Opera who recently launched a crypto wallet-integrated version of their browser.

Bitcoin Price Stable

Early knowledge of the news may have been partly responsible for recent bullish activity by Bitcoin (BTC). The cryptocurrency has risen by over 10% in the past week but now seems to have equaled out somewhat.

Initial reports suggested BTC might be able to break through the key resistance point of $6,800, however, it now seems to have retraced back down to a more conservative $6,700 position. With this new pattern, it might test $6,560 again before regaining fresh support.

Experts in the field remain bullish, with predictions from both Bitmex CEO Arthur Hayes and Social Capital CEO Chamath Palihapitiya seeing a possible $1 million valuation in the next 20 years. Somewhat more conservative estimates from ADVFN CEO Clem Chambers and Fundstrat’s Thomas Lee predict $20,000 by year-end.

Crypto trader Ran Neu-Ner and Allianz Chief Economic Advisor Mohamed El-Erian both agree that with a potential dip to $5,000 still coming, now is a good time to buy.

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