John Pfeffer, who is a partner at Pfeffer Capital, recently stated in Annual Sohn Investment Conference, that Bitcoin can reach $7, 00,000. This is the 1st time around; virtual assets have been mentioned on this conference. Normally, this is the conference where only stocks are discussed. Each and every expert discusses their favorite stocks. The levels which are given by these cryptocurrency investors are actually 75 times the current price. As a result, the appreciation which they are predicting is pretty significant.
In 20 to 30 years?
The investor did not give an exact timeframe for the prediction. However, even if it reaches those levels in 20 to 30 years, it will be a significant jump as well. This is one of the main reasons why this is a significant prediction.
Moreover, he thinks that in the future, Bitcoin can actually replace gold. As a result, Bitcoin can be used for beating the inflation as well, as a result of for getting some more great returns as well. If indeed, Bitcoin is replacing gold, the demand for Bitcoin will increase significantly. It will also be considered as a safer side. Moreover, it can be easily liquidated as well. As a result, Bitcoin will surely rise in the future as well.
If Gold is replaced by Bitcoin…
Currently, Gold is present in the economy to the value of $1.6 trillion. As a result, it is not that much easier for older to be replaced by Bitcoin. If indeed, it is replaced by Bitcoin, the value of Bitcoin will increase significantly as has been predicted by this particular investor.
Also, according to him, central banks, as well as other financial institutions, will also start investing in gold. This is due to the fact that they will also look for stability in their portfolio. This is one of the main reasons why gold can increase by such a significant amount.
if gold is replaced with the help of Bitcoin…
The total foreign reserves currently are $12.7 trillion. Thus, if gold is replaced or foreign reserves are replaced with the help of Bitcoin, the value of Bitcoin will rise significantly. This is one of the main reasons why the value of Bitcoin is increasing consistently. However, whether the rate will increase by more than 75 times, only time will tell. This is actually one of the most bullish Bitcoin predictions which we have come across. As a result, many people think that it is not accurate Bitcoin prediction. Only time will tell whether Bitcoin can rise by such a significant amount or not.