On July 7, Fundstrat’s Tom Lee became the $500,000 per Bitcoin? Public Personas Get Bullish on Bitcoinfirst big league Wall Street strategist to analyze bitcoin under a light of optimism. In a report, he claimed bitcoin could reach $55,000 by 2022. He also commented on the gold market, saying that urgency for possessing bitcoin will act as a substitute for gold. A CNBC article covered his enthusiasm:
“We believe one of the drivers [of bitcoin] is crypto-currencies are cannibalizing demand for gold. Based on this premise, we take a stab at establishing valuation framework for bitcoin. Based on our model, we estimate that bitcoin’s value per unit could be $20,000 to $55,000 by 2022.”
He went on to say gold’s market value currently sits at $7.5 trillion, and bitcoin is $41 billion (at the time of writing). However, gold’s supply is swelling due to intensified mining operations, whereas bitcoin’s supply will remain stable as a result of the 21 million cap. This apparently places a huge demand burden on bitcoin, which may cause the price to trend forcefully upward.
Full story at http://bit.ly/2tce2Sz
Source: Bitcoin News
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