2018-04-25 Fortune.com - Investor Is Predicting Bitcoin Could Hit $700,000

Dolmater

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Quote from: Lucius on April 26, 2018, 04:20:45 AM

Has anyone read the article maybe to see on what this investor is based his speculation and how much is the odd that this will ever happen?This price of 700k $ would be possible only if all foreign reserves(fiat&gold) worth 12.7$ trillion is converted in BTC,in what SF movie such a scenario is possible?Even he say that odd for that is 1%...

He is also speculating about theory that 1.6$ trillion worth gold which is in private hands miraculously be turned into BTC,in that case 1 BTC would be worth "only" 90 000$.Of course the media always emphasize the bigger numbers,which is the case here-but this speculation is in the same category with John McAfee 1$ million prediction-with only one difference,John Pfeffer did not have time frame for his prediction.

I think it is quite unrealistic for the price to be that high in the next 5 years. It might happen in 20 years.

Betwrong

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Quote from: richardsNY on April 25, 2018, 01:23:45 PM

Quote from: Betwrong on April 25, 2018, 12:55:45 PM

I don't know why are you so pessimistic about this year, but I like your "over $1 million" prediction. Once I calculated what would happen to Bitcoin price if BTC replaces all the money in the world and I came to $3.75 million (with today's purchasing ability of USD). I think John Pfeffer wasn't joking. Maybe he also made some calculations and came to conclusion that Bitcoin is very undervalued at the moment.

I am not pessimistic, but just realistic. If we calculate every possible scenario one by one, then current price might indeed be seen as undervalued, but these calculations have no impact or connections on and to the market right now, that's what I am trying to point out. If everyone was thinking the current price was severely undervalued, we wouldn't be where we are right now, but closer to $50,000 already. If these investors really believe in what they say, let them put their money where their mouth is and take significant positions in this market. It's all about the long term they say, well, they are free to enter. Actions speak louder than words.

That's right and since there are so many optimistic predictions I think it's a matter of of a relatively short period of time until investors who are now hesitating will realize that the sooner they buy BTC the better. I think it's obvious now that we will never see Bitcoin below $4k while it wasn't so obvious in September 2017. In December 2018 it will be obvious that BTC will never go below $20k imo, but of course I can be wrong, like everyone else, so let's wait until then.

Lucius

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Has anyone read the article maybe to see on what this investor is based his speculation and how much is the odd that this will ever happen?This price of 700k $ would be possible only if all foreign reserves(fiat&gold) worth 12.7$ trillion is converted in BTC,in what SF movie such a scenario is possible?Even he say that odd for that is 1%...

He is also speculating about theory that 1.6$ trillion worth gold which is in private hands miraculously be turned into BTC,in that case 1 BTC would be worth "only" 90 000$.Of course the media always emphasize the bigger numbers,which is the case here-but this speculation is in the same category with John McAfee 1$ million prediction-with only one difference,John Pfeffer did not have time frame for his prediction.

bbc.reporter

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Quote from: richardsNY on April 25, 2018, 12:46:14 PM

It's quite funny how suddenly all predictions seem to go far beyond the $100,000 level, while not that long ago the general thought of investors was that a decline to $4000 would be necessary to start recovering. If we start thinking about various possibilities and scenarios, then Bitcoin could easily exceed $1 million in 10 years, but all of that is irrelevant right now. I currently add more value to the price to settle above the $10,000 level for ever, because that's not something I see happen this year. Yes, we might see the market increase well beyond the $10,000 level this year, but that doesn't mean we won't tank below that point again. Let's focus on step 1, then step 2, etc, and not from step 1 to step 50....

They might have finished accumulating some coins and have now started the marketing and hype stage hehehe. It is really a common strategy used by institutional investors and investment banks to make a lot of money in the stock market. They are brining the same strategy in the cryptospace.

Also, if they say their target on $700,000 then they might dump before that on $500,000.

akamit

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$700k is far far away from where we are sitting now and it is baseless to talk about.

Bitcoin is struggling to cross over $10k mark and we are talking here about $700k.
At first, lets cross the $25k mark within 2019 at least and then lets predict about $100k mark by 2021.

Just make the predictions low & reachable and climb up steadily with the predictions, that's my point.

darkangel11

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Quote from: aso118 on April 25, 2018, 02:09:39 PM

The underlying assumptions behind every calculation seem to be optimistic to me. Even the 2017 rally was not driven by any increase in adoption or use case, but pure speculation. Governments of the world will not sit back and let Bitcoin take over.

They will either allow it or die. Cheesy

In reality they won't have to sit back and watch it take over because it doesn't want to take over. Governments can benefit from cryptocurrencies and many smart leaders are already seeing it. For instance Germany allowed it to be exempt from taxes years ago and the government of Malta is inviting crypto businesses to their country because they want to be a part of this revolution. Those who decide to ban it will stay behind.

aso118

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Quote from: Betwrong on April 25, 2018, 12:55:45 PM

Quote from: richardsNY on April 25, 2018, 12:46:14 PM

It's quite funny how suddenly all predictions seem to go far beyond the $100,000 level, while not that long ago the general thought of investors was that a decline to $4000 would be necessary to start recovering. If we start thinking about various possibilities and scenarios, then Bitcoin could easily exceed $1 million in 10 years, but all of that is irrelevant right now. I currently add more value to the price to settle above the $10,000 level for ever, because that's not something I see happen this year. Yes, we might see the market increase well beyond the $10,000 level this year, but that doesn't mean we won't tank below that point again. Let's focus on step 1, then step 2, etc, and not from step 1 to step 50....

I don't know why are you so pessimistic about this year, but I like your "over $1 million" prediction. Once I calculated what would happen to Bitcoin price if BTC replaces all the money in the world and I came to $3.75 million (with today's purchasing ability of USD). I think John Pfeffer wasn't joking. Maybe he also made some calculations and came to conclusion that Bitcoin is very undervalued at the moment.

The underlying assumptions behind every calculation seem to be optimistic to me. Even the 2017 rally was not driven by any increase in adoption or use case, but pure speculation. Governments of the world will not sit back and let Bitcoin take over.

richardsNY

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Quote from: Betwrong on April 25, 2018, 12:55:45 PM

I don't know why are you so pessimistic about this year, but I like your "over $1 million" prediction. Once I calculated what would happen to Bitcoin price if BTC replaces all the money in the world and I came to $3.75 million (with today's purchasing ability of USD). I think John Pfeffer wasn't joking. Maybe he also made some calculations and came to conclusion that Bitcoin is very undervalued at the moment.

I am not pessimistic, but just realistic. If we calculate every possible scenario one by one, then current price might indeed be seen as undervalued, but these calculations have no impact or connections on and to the market right now, that's what I am trying to point out. If everyone was thinking the current price was severely undervalued, we wouldn't be where we are right now, but closer to $50,000 already. If these investors really believe in what they say, let them put their money where their mouth is and take significant positions in this market. It's all about the long term they say, well, they are free to enter. Actions speak louder than words.

Betwrong

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I stand with Ukraine.

Quote from: richardsNY on April 25, 2018, 12:46:14 PM

It's quite funny how suddenly all predictions seem to go far beyond the $100,000 level, while not that long ago the general thought of investors was that a decline to $4000 would be necessary to start recovering. If we start thinking about various possibilities and scenarios, then Bitcoin could easily exceed $1 million in 10 years, but all of that is irrelevant right now. I currently add more value to the price to settle above the $10,000 level for ever, because that's not something I see happen this year. Yes, we might see the market increase well beyond the $10,000 level this year, but that doesn't mean we won't tank below that point again. Let's focus on step 1, then step 2, etc, and not from step 1 to step 50....

I don't know why are you so pessimistic about this year, but I like your "over $1 million" prediction. Once I calculated what would happen to Bitcoin price if BTC replaces all the money in the world and I came to $3.75 million (with today's purchasing ability of USD). I think John Pfeffer wasn't joking. Maybe he also made some calculations and came to conclusion that Bitcoin is very undervalued at the moment.

richardsNY

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It's quite funny how suddenly all predictions seem to go far beyond the $100,000 level, while not that long ago the general thought of investors was that a decline to $4000 would be necessary to start recovering. If we start thinking about various possibilities and scenarios, then Bitcoin could easily exceed $1 million in 10 years, but all of that is irrelevant right now. I currently add more value to the price to settle above the $10,000 level for ever, because that's not something I see happen this year. Yes, we might see the market increase well beyond the $10,000 level this year, but that doesn't mean we won't tank below that point again. Let's focus on step 1, then step 2, etc, and not from step 1 to step 50....

cr1776

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"Why an Investor Is Predicting Bitcoin Could Hit $700,000"

Quote

The annual Sohn Investment Conference in New York is usually a place where Wall Street’s best hedge fund managers and investors present their top stock picks—from Amazon to Valeant Pharmaceuticals. And for the first time in the event’s 23-year history, one of those investors used the Sohn conference stage Monday to recommend a certain digital investment: Bitcoin.

John Pfeffer, a partner at his London-based family office Pfeffer Capital, is not only betting on Bitcoin, but giving it a bold price target of $700,000—about 75 times the current Bitcoin price of nearly $9,500.

...

http://fortune.com/2018/04/25/bitcoin-price-prediction-john-pfeffer/

Topic: 2018-04-25 Fortune.com - Investor Is Predicting Bitcoin Could Hit $700,000 (Read 184 times)