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Bitcoin, the gold rush!

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December 7, 2017 | 

Joanna Newman |  0 Comments| 

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Every passing day sees the Bitcoin curve climb higher and higher.

Today the cryptocurrency has crossed the bar of $14300.

We had told you about forecasts at $ 100,000 for some, or even $ 1 million for others.

At present, we are presenting the forecast at $ 400,000.

$ 400,000 forecast for Bitcoin

This is the investor and founder of Morgan Creek Capital, named Yusko.

He explains his predictions mathematically.

First of all, he reminds that Bitcoin is above all a Blockchain.

That being the case, he compares cryptocurrency to gold, which more and more analysts are doing.

So, if you compare Bitcoin to gold, just make a small calculation that effectively reduces its price to $ 400,000.

This is what Yusko says:

"It's just mathematical. That's the equivalent of gold ... there are about 20 million Bitcoin available today. But today there is 8 trillion gold. Which gives us $ 400,000. And that does not include use cases related to the currency. "

Yusko also says about Bitcoin:

"All banks should be afraid of this. It has the potential to replace the need for banks as a trusted institution ... it has the potential to disrupt the banking sector as we know it. "

JP Morgan Compares Bitcoin to New Gold

Yusko is not the only one to compare Bitcoin to gold.

The very respectable company JP Morgan, after having through Jamie Dimon, qualified Bitcoin of "fraud", qualifies it now of "new gold".

For JP Morgan analysts, like Nikolaos Panigirtzoglou, Bitcoin could be a reliable long-term way of storing wealth, just like gold.

In short, Bitcoin would not be a currency, but digital gold.

He explains that the rise of the cryptocurrency would place it as a competitor to the assets. He declares :

"The eventual launch of Bitcoin Futures through established exchanges, in particular, could add legitimacy and thus increase the appeal of the cryptocurrency market for retail and institutional investors."

Bitcoin scares the banks?

It is undeniable that gold is more stable and secure than virtual currency.

However, Bitcoin with its impressive growth spurt is certainly much more exciting.

In addition, this growth could outperform gold as an investable asset more quickly than we think.

Unlike Yusko, JP Morgan no longer sees in Bitcoin a danger for banks. For cryptocurrency would no longer be a currency competing with bank-sponsored fiduciary currencies, but a valuable asset.

That's why we are witnessing this new gold rush ... .numeric.

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