Hedge fund manager says Bitcoin is better than gold “on every front.” He also has noted that BTC and crypto assets as a whole should be regarded as a venture capital investment.
25 April, AtoZ Markets – John Pfeffer, hedge fund manager at Pfeffer Capital has spoken at the 23rd annual Sohn Investment conference. During his speech, he has stated that Bitcoin is the first valuable candidate to replace gold. In fact, he added that BTC is better than bullion “on every front,” according to the online media reports.
Hedge Fund Manager Says Bitcoin is Better than Gold
In addition to that, during one of his latest public appearances, he has reiterated his Bitcoin price prediction, which he has shared with the public earlier. He has stated that Bitcoin would rise to “no less than $90,000 and potentially as high as $700,000.” He also has noted that BTC and crypto assets as a whole should be regarded as a venture capital investment. Mr. Pfeffer has been quoted as saying:
“They could go to zero, but they could be worth much more.”
He further has explained that his so-called “low bar” estimate of $90,000 would become reality in case Bitcoin “became equal to private gold bullion holdings, about $1.5 trln of total value compared to $150 bln or thereabouts today.”
Moreover, he has noted that Bitcoin could hit higher in case BTC becomes a major reserve cryptocurrency. Yet, he has stated that this is less probable, but still possible. He has provided a ballpark figure for the second case, adding that in case Bitcoin replaces 25% of foreign assets, the value of the network would hit $6.4 trillion. He has explained:
“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.”
Bitcoin won’t replace fiat in developed countries
Mr. Pfeffer further highlighted that he does not see Bitcoin replacing fiat money in developed countries, but rather in countries with collapsed currencies.
He has also stated that Bitcoin could possibly hit $90,000 within a couple of years with the help of institutional investors from the private sector. The foreign reserve replacement theory would take much longer, as per hedge fund manager.
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