Bitcoin will rise to “no less than $90,000 and potentially as high as $700,000.” according to John Pfeffer, hedge fund manager at Pfeffer Capital. Pfeffer spoke during the 23rd annual Sohn Investment Conference.
According to Pfeffer, Bitcoin is the first candidate to replace gold and is better than it “on every front,”.
“Gold, frankly is rather silly. We’re a spacefaring, digital society and we’re still using a yellow metal as our non-sovereign store of value, at some point we’re going to come up with a better technology to do that, and Bitcoin is the first candidate, we’ll see if it works.”
Pfeffer expressed his view that Bitcoin and other crypto assets should be thought of as a venture capital investment as “they could go to zero, but they could be worth much more.”.
The $90k estimate would hold if BTC “became equal to private gold bullion holdings, about $1.5 trln of total value compared to $150 bln or thereabouts today.”, Pfeffer explained.
The higher prices could be achieved if Bitcoin becomes a major reserve currency.
Bitcoin will never be used to “pay for coffee” in the developed countries according to Pfeffer, but could become important for daily use in countries struggling with their national currencies.
With $90k being “only ten times the current price,”, it could be reached within a couple of years with the institutional investment joining in. The higher estimate is a much longer-term view according to Pfeffer.
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