The manager of the hedge Fund Pfeffer Capital, John Pfeffer, speaking at the 23rd annual conference Sohn Investment, said that bitcoin is the first serious candidate for gold and exceeds the precious metal “on all fronts.”
Speaking in the transfer of Fast Money channel CNBC Pfeffer repeated his forecast, according to which bitcoin will rise “no lower than $ 90,000, and maybe up to $ 700,000.”
Pfeffer also explained that bitcoin and other crypto-currencies should be considered as venture investments. “They can fall to zero, but they can rise,” the investor said.
His minimum forecast of $ 90,000 should be justified if bitcoin “becomes the equivalent of private savings in gold bullion, which is about $ 1.5 trillion of the total value of $ 150 trillion.”
Accordingly, higher levels can be achieved if bitcoin becomes a large reserve currency, which, in his opinion, is less likely, but still possible. If bitcoin can replace 25% of reserves in foreign currencies, its capitalization will reach $ 6.4 trillion, Pfeffer asserts.
“In truth, gold is stupidity. We fly into space, live in a digital society and still use yellow metal as a non-independent means of accumulation. Someday we will give our preference to better technology, the role of which first of all claims bitcoin, “he said.
According to Pfeffer, bitcoin is unlikely to “pay for coffee” in developed countries, but in states with troubled economies it can become an important tool for everyday calculations.
Answering the question about the approximate dates, Pfeffer noted that the price of $ 90,000 is only 10 times higher than the current values, which means that it will be quite enough for two years to reach it. In order for other predictions to come true, of course, it will take a lot longer, he added.
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