Washington, D.C. -- As further evidence that curiosity about cryptocurrencies like Bitcoin is presently booming, think about these opening lines from the CNBC article on Wednesday:
“An unidentified man held up a sign saying ‘buy bitcoin’ during Fed Chair Janet Yellen’s testimony Wednesday before the House Financial Services Committee.
“Bitcoin subsequently climbed toward session highs and traded 3.7 percent higher, at $2,418.46, as of 2:27 p.m. ET, according to CoinDesk.”
The incident was caught on camera, and also the Bitcoin supporter was escorted in the hearing room for the reason the sign violated House Committee rules. Yellen herself didn’t comment about cryptocurrencies during her testimony.
Image Source on FacebookEven though many would unquestionably applaud -- and even perhaps chuckle at -- the man’s actions, CNBC itself highlights within the article that it is less if Bitcoin really needs free publicity.
A week ago, former JPMorgan Chase chief equity strategist and co-founding father of Fundstrat Global Advisors, Tom Lee, organized his predictions for in which the cost of Bitcoin is headed. As well as in Lee’s view, it’s headed way, in place:
“We believe one of the drivers [of bitcoin] is crypto-currencies are cannibalizing demand for gold. Based on this premise, we take a stab at establishing valuation framework for bitcoin. Based on our model, we estimate that bitcoin’s value per unit could be $20,000 to $55,000 by 2022.”
Lee argues the limited way to obtain Bitcoin -- there are just 21 million available units -- along with growing demand continuously increase the cost. Lee also predicts that whenever the entire market price of Bitcoin tops $500 billion, central banks will start to consider buying in. Which, states Lee, may affect the landscape entirely:
“In our view, this is a game changer, enhancing the legitimacy of the currency and likely accelerating the substitution for gold (by investors).”
Also a week ago, Goldman Sachs’ mind of technical strategy, Sheba Jafari, predicted Bitcoin could soon rise to almost $4,000.
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