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Author Topic: [2018-04-26] Bitcoin will replace gold and soar in price to $700000  (Read 31 times)
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April 26, 2018, 04:39:23 PM

Bitcoin is notoriously volatile, having seen its price fluctuate between $1,000 and $20,000 over the last year. However a partner at Pfeffer Capital claims it is better than gold "on every front."
The entire bitcoin network could one day be worth more than $6 trillion, according to a partner at Pfeffer Capital – but other cryptocurrencies are doomed.
Bitcoin is better than gold “on every front” and could eventually be worth around $700,000, according to an institutional investor.
John Pfeffer, a partner at UK-based Pfeffer Capital, made the remarks at the Sohn investment conference in New York. That event traditionally serves as a place for investors to recommend the best stocks to invest in – and has never seen anyone recommend cryptocurrency before.

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April 26, 2018, 05:11:23 PM

I do not know where these numbers are from the possible cost of bitcoin at 700 000 dollars, but so far this is from the realm of unrealizable fiction. I think that to such a cost, bitcoin will never rise at all, given the events of the past four months.
Also it is not clear what is justified the assertion that bitcoin will replace gold. Bitcoin can not replace gold at all. These are completely different in nature things. Gold has always existed and will exist, and will always be in good demand.

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April 26, 2018, 05:28:34 PM

Gold is completely anonymous... so that's one front where Bitcoin is definitely not better.

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April 26, 2018, 06:20:58 PM

Gold is completely anonymous... so that's one front where Bitcoin is definitely not better.

Bitcoin too if you transact off-chain. If I hand you over a private key in paper form or a physical coin containing 1BTC, what's exactly different from Gold in that aspect? The thing that happens is a move of value from one person to another without anyone but me and you knowing that it happened. These transactions happen all the time with funded/loaded collectibles (ie, Casascuis, Lealana, etc).

I find it yet again to be a very catchy and flashy title. Bitcoin will not replace Gold, period. Gold has proven itself for thousands of years and will remain holding a very strong position in our economy. Bitcoin however can perfectly function as Gold's digital equivalent, which makes more sense. I even believe that there may eventually be a situation where a certain percentage of the capital currently parked in Gold, will find its way to Bitcoin for obvious reasons.

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April 26, 2018, 10:30:27 PM

Gold is completely anonymous... so that's one front where Bitcoin is definitely not better.

Not really. You have to buy it somewhere and most trades these days are done online. Have you seen people peddling gold in the street or casually buying a couple ounces here and there for cash? If you pay for anything using your bank account it stops being anonymous and if you add that gold is difficult to store and carry around in large quantities you come to the conclusion that this guy is 100% right.
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