The Sohn Investment Conference in New York is one of the events where the top investors and hedge fund managers meet to predict the best stock picks. This time an investor predicted that Bitcoin is going to do wonders in the market and would reach a figure that no one would have ever imagined.
This is the first time in the 23-year-old history of the Sohn convergence that someone has given a bold price tag to a product. John Pfeffer, the partner of Pfeffer Capital, is a fan of Bitcoin and he says that the Bitcoin can reach a price of $700,000. This means that Bitcoin will be about 75 times more than its current market price of $9,500.
Pfeffer did not give a time frame on when Bitcoin will achieve the $7000,000 figures. His target price took everyone by surprise because even the influential investors and market analysts have not predicted such a huge increase. The maximum price that analysts and investors feel that the Bitcoin could achieve is $25,000 and that too by 2022. Pfeffer said that Bitcoin has every chance to replace the yellow metal and can become the new gold or new reserve currency.
Pfeffer believes that Bitcoin can replace the gold bullion as it is easier to store and can be secured easily.