What a difference just a few months make. Once viewed as a plaything for cryptoanarchists and cypherpunks now has become the talk of professional investment communities and media. As of this writing, bitcoin (BTC) has touched 6,000 USD in price. A recent survey suggests $10,000 per BTC is not out of the question.
$10,000 Not as Crazy as Once Thought
Consumer News and Business Channel (CNBC) ran an unscientific survey, polling its online readers with the question, “Where does bitcoin go from here?”
CNBC is owned by Comcast Corporation (Comcast), the US-based worldwide telecommunications conglomerate. By revenue, it is the largest of its kind on the globe, according to the mostly-German-based Institute of Media and Communications Policy. Comcast’s reach is vast, wide.
Forbes contributor Ilana Greene profiled CNBC, and addressed its audience demographic. Whether a “day or institutional trader, however, relies heavily upon and trusts CNBC to deliver decision useful data that they will incorporate into their daily investment decisions. According to Mendelsohn Affluent Survey, 19% of viewers watch 5+ hours of CNBC per week. These investors also regularly utilize content provided by the multiple CNBC internet channels,” she concluded (emphasis added).
Bitcoin Bulls in Good Company
Of the more than twenty thousand respondents to the survey, nearly half “said above $10,000,” wrote CNBC Technology Correspondent Arjun Kharpal.
CNBC’s audience is in good company, actually.
Standpoint Research’s Ronnie Moas spies a 7500 USD near future. Tom Lee of Fundstrat Global Advisors called the 6000 USD price by year’s end back in summer, along with Pantera Capital Management’s Paul Veradittakit and John Spallanzani at GFI Group Inc. Mr. Spallanzani is said to have Babe Ruth-like pointed to a 10000 USD bitcoin price by as soon as 2018.
Former Fortress hedge fund manager, Michael Novogratz, though he insists much of the run-up to be signs of a classic bubble, predicts bitcoin will see Mr. Spallanzani’s price but sooner.
Not everyone, of course, is so cheery about the world’s most popular cryptocurrency.
Previous bull Roy Sebag of Goldmoney, Inc., took tens of thousands of bitcoin off the market, divesting after getting-in around 2011. Libertarian pundit Peter Schiff famously has referred to bitcoin as a fad, “tomorrow’s Beanie Babies.”
Warren Buffett of Berkshire Hathaway remarked, “Stay away from it. It’s a mirage, basically.”
“One option that people could also vote for,” Mr. Kharpal explained, was the phrase, “Jamie Dimon is correct, you’ll pay the price for buying.” Thirtyfive percent of CNBC’s respondents agreed. Sixteen percent of “respondents went with the final option of bitcoin heading to between $6,000 and $8,000.”
That means a total of sixtyfive percent of the CNBC bitcoin survey universe is bullish on the currency’s future.
Images courtesy of: fotolia, Space X.
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Author: C. Edward Kelso