John Pfeffer: Bitcoin Better Than Gold Across the Board
April 27, 2018
When speaking at the 23rd annual Sohn Investment Conference John Pfeffer, Pfeffer Capital hedge fund manager, claimed, Bitcoin is the first viable alternative to gold and is better than the precious metal “on every front”.
Pfeffer voiced again his prediction that Bitcoin will reach at least $90,000, and is likely to get to $700,000. Pfeffer also noted, BTC and crypto assets in general must be considered as venture capital investments: “they could go to zero, but they could be worth much more”.
As he put it, higher prices of hundreds of thousands of dollars can be attained if BTC becomes the basic reserve currency. He also painted another scenario when claimed, network cost will rise to $6.4 trillion if Bitcoin drives out 25% of foreign reserves.
“Gold, frankly is rather silly. We’re a spacefaring, digital society and we’re still using a yellow metal as our non-sovereign store of value, at some point we’re going to come up with a better technology to do that, and Bitcoin is the first candidate, we’ll see if it works”.
When asked about the terms Pfeffer declared, the price of $90,000 is just ten times higher than the current one and can be reached just in couple of years provided institutional investments from private sector.