In today’s Bitcoin in Brief we’re talking about big money and big expectations. While the ratio between bulls and bears is constantly changing in the crypto market arena, experts working with venture capital investments and large crypto trades report positive trends and share optimistic sentiments. On that backdrop, “Why is our digital society still using a yellow metal to store value?” is a good question.
Bitcoin to Reach $90k in Two Years, Potentially $700k
The future of Bitcoin was one of the hot topics at this year’s Sohn Investment Conference. The leading cryptocurrency is the first viable candidate to replace gold according to John Pfeffer, hedge fund manager at Pfeffer Capital. Bitcoin could rise to no less than $90,000 in the next couple of years, and potentially as high as $700,000, Pfeffer predicted during the annual event.
“We should think of crypto assets as a venture capital investment. They can go to 0, but there is a chance that they could be worth much more. In the case of bitcoin, it would be worth $90,000 if it became equal to private gold bullion holdings, about $1.6 trillion of total value compared to $150 billion or thereabouts today. It’s a bet, it’s a risk that I’ll be willing to take”, the investor told CNBC.
Using a Yellow Metal in a Spacefaring Society
“On the higher end – you could get to higher values, if bitcoin becomes a major reserve currency, i.e. if countries begin to take bitcoin in their reserves. In that case, it can reach several hundred thousand dollars,” John Pfeffer added. In order for that to happen, bitcoin will have to replace about 25% of foreign reserves. Currently they are at $12.7 trillion in total, 11% of which is gold,
