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NEX's Spencer Sees a ‘Long Way Down’ for Bitcoin After $20,000

  • ICAP founder is considering cryptocurrency trading platforms
  • Spencer’s NEX to integrate blockchain into many businesses
Bloomberg business news
NEX Group CEO Michael Spencer discusses bitcoin and Brexit with Bloomberg Televison.(Source: Bloomberg)

NEX Group Plc Chief Executive Officer Michael Spencer, one of London’s best-known financial figures, said he sees bitcoin perhaps reaching $20,000 “but at some point it is going to go back -- a hell of a long way back -- down.”

As with any “bubble,” Spencer told Bloomberg TV’s Guy Johnson in London on Wednesday, “you’ve got no idea if its going to double before it halves.” Bitcoin surged past the $10,000 and the $11,000 mark on Wednesday.