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What is the fair price of Bitcoin?

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October 23, 2017 | 

540 Views | 

Joanna Newman | 

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What is the fair price of Bitcoin?


After the spectacular soaring of Bitcoin lately, the chief investment strategist for BlackRock, the largest asset manager in the world, has been asked what he thought was the "fair price" of Bitcoin.

Richard Turnill explained that cryptocurrencies had experienced an increase in their value which made him think that "virtual currencies showed many characteristics of a bubble at the moment".

He added that he did not know what was the fair price of Bitcoin. He is not the only one to think that other Wall Street analysts have also said that for them the cryptocurrency market was a bubble.

Richard Turnill also said:
"The main argument for buying them is that their price has gone up and it will continue to increase over time. But there is no inherent price true or false for bitcoin. You could say, "What is its true value? You know, "I am an investor; I like to think about the fair value of bond stocks. I can not answer what is the fair value of bitcoin or any other cryptocurrency. For this reason, I do not own it. "

The chief strategist had already expressed his concern last July, calling the market virtual currencies "terrifying".

But he also praised the Blockchain technology, saying that BlackRock had already started using it and that this technology would probably be used more and more.

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