Bitcoin Price Could Reach $98,500, Say Wall Street Analysts

[Oldminer]

"The price of bitcoin could increase to as much as $98,500, according to analysts at financial services and investment firm Wedbush Securities."

"Many people have been asserting that the current high value is merely a temporary spike and that it will soon plummet to the level seen in September and October (around $120-$150), or perhaps even lower.

Luria and Turner disagree, believing the value will continue to increase over the coming years. They said:

“We believe rising bitcoin prices help build the network thus entrenching its value, especially vis-à-vis other alternative coins/conduits. Based on this framework, we would postulate that current bitcoin prices reflect a peak penetration of 1% of total potential demand in 10 years.”

Last month, the Winklevoss twins remarked that they envisioned bitcoin increasing by 100 times. At the time of their comments, the price of bitcoin was $343, so the value has already increased by over 211%.

Speaking to CNBC at the Dealbook conference in New York, Tyler Winklevoss, who was involved in the creation of Facebook, said: “Some people definitely view [bitcoin] as Gold 2.0.”

Erik Voorhees, who sold gambling site SatoshiDice for 126,315 BTC this year, said this showed what a “respectable asset” bitcoin is becoming.

“Clearly, bitcoin is no longer a penny stock. It’s playing in the big leagues – a share being worth more than a share of Google or Apple, and even more then an ounce of gold,” he said at the time.

link http://www.coindesk.com/bitcoin-price-reach-98500-say-wall-street-analysts/

[JimboToronto]

dec 3  ?

[Oldminer]

dec 3  ?

Old news but still relevant.

[Reece523]

http://en.wikipedia.org/wiki/Wedbush_Securities

[Edward50]

dec 3  ?

Old news but still relevant.

I guess oldminer doesn't want to have to remove that "millionaire in training" under his name.

[Oldminer]

http://en.wikipedia.org/wiki/Wedbush_Securities

Their recent awards are interesting

[Oldminer]

dec 3  ?

Old news but still relevant.

I guess oldminer doesn't want to have to remove that "millionaire in training" under his name.

Your only angry because you lost on Bitcoin. I think I prefer to take Wedbush Securities financial advice over someone thats lost big time on investing any day lol

[pera]

lol good try to change the general mood OP

[Oldminer]

lol good try to change the general mood OP

As a wise old man once said "“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” 

[traderCJ]

lol good try to change the general mood OP

As a wise old man once said "“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” 

Buffett also referred to Bitcoins as "rat poison" ..

[Dafar]

What does that idiot mean "as much as $98,500"? Is that like the highest it can go? It can just as easily go "as much as" $400,000 too if it goes in the 5-6 figure range.

No one, especially wall street (who are still afraid to jump into bitcoin and act like it's a stock), knows where the price is going. But there is no limit for bitcoin until it replaces all other liquid wealth.

[Oldminer]

Buffett also referred to Bitcoins as "rat poison" ..

And Bill Gates once said "why would anyone need more than 64k of RAM?" You dont need to be right all of the time to be successful - just most of the time.

[BeatMyBit]

lol good try to change the general mood OP

As a wise old man once said "“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”  

Buffett also referred to Bitcoins as "rat poison" ..

No. Munger did. Buffet was fairly indifferent. He said he didn't know enough about them to form an opinion and was going stick to investing the way he always has (In things that "do" stuff)

here is a snippet from the interview

Charlie Munger: I think it's rat poison.
Warren Buffet: Put him down as undecided.
Host: Do you understand what they're trying to do with it?
Charlie Munger: No, but I regard it as deeply flaky.
Host: Deeply flaky, OK, Bitcoin - Bill, what do you think?
Bill Gates: I think it's a technical tour de force, but that's an area where governments are gonna maintain a dominant role.
Host: Bill, Warren?
Warren Buffet: I think either Charlie or Bill is right.

[cAPSLOCK]

Buffett also referred to Bitcoins as "rat poison" ..

And Bill Gates once said "why would anyone need more than 64k of RAM?" You dont need to be right all of the time to be successful - just most of the time.

Actually itmwas more like "640k ought to be enough for anyone."

But 64 used to be a lot too...  In fact it was 2BTC