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Bitcoin the new gold?

Discussion in 'Digital Currencies' started by Scorpio, Jul 10, 2017.



  1. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    Bitcoin the new gold? Yes, says one Wall Street strategist who sees a 21-fold surge

    By Shawn Langlois
    Published: July 9, 2017 9:29 p.m. ET



    When central banks start buying, watch out


    [​IMG]

    Getty
    A man walks out of a shop displaying a bitcoin sign in Hong Kong.
    Bitcoin $55,000? Fundstrat’s Tom Lee, one of the biggest equity bears among the major Wall Street strategists, says it’s possible, but not necessarily for the reasons many bitcoin bulls have suggested.

    “One of the drivers is crypto-currencies are cannibalizing demand for gold GCQ7, -0.24% ” Lee wrote in a report. “Based on our model, we estimate that bitcoin’s value per unit could be $20,000 to $55,000 by 2022 — hence, investors need to identify strategies to leverage this potential rise in crypto-currencies.”

    That’s a major jump from the $2,530 level that bitcoin BTCUSD, -0.47% fetched recently. Of course, this would be on top of what’s already been an impressive stretch, with the price more than doubling since the start of the year.

    Lee predicts investors will look to bitcoin as a gold substitute, and the fact that the amount of available bitcoin is reaching its limit makes this supply/demand story even more compelling for those looking to turn profits in the crypto market.

    “Bitcoin supply will grow even slower than gold,” Lee said. “Hence, the scarcity of bitcoin is becoming increasingly attractive relative to gold.”

    Another driver could come from central banks, which he expects will consider buying bitcoin if the total market cap hits $500 billion.

    “This is a game changer, enhancing the legitimacy of the currency and likely accelerating the substitution for gold,” Lee wrote.

    The trick is that there aren’t very many ways to play bitcoin, other than via direct investment or the bitcoin ETF GBTC, -1.75% he said, adding that “we will identify other opportunities in the future.”

    http://www.marketwatch.com/story/bi...trategist-who-sees-a-21-fold-surge-2017-07-09
     
  2. gliddenralston

    gliddenralston Gold Member Gold Chaser

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    Not Bitcoin, Water.
     
  3. anywoundedduck

    anywoundedduck Gold Member Gold Chaser

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    Horseshit Ponzi scheme.
    To be replaced by a government so called Ponzi gold backed scheme.
     
    the_shootist likes this.
  4. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    Yup, I don't trust anything I can't hold
     
  5. ToBeSelfEvident

    ToBeSelfEvident Gold Member Gold Chaser

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    They will create a gold-backed crypto-currency and then make ownership of gold illegal. You will have to exchange your physical for crypto-gold.
     

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