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A large Bitcoin whale (BTC) has recently been sighted in the crypto verse. According to a report, a Bitcoin whale (BTC) has just moved Bitcoin (BTC) worth over $ 250 million. The fund has been moved from an old Bitcoin address. A move of this magnitude could have a huge effect on the value of the digital currency.
However, orders of this type do not go through normal trading platforms. This would greatly disrupt the price of money on the market. So, they took another path in the movement of the fund.
Bitcoin (BTC) has yet to start a big bullish run. A lot of investors and traders are patiently waiting for the strong recovery of the encrypted market. However, nobody knows how big the next recovery will be and when it would be.
John Pfeffer is confident about the future of Bitcoin
Sohn Investment Conference, which is held annually in New York, provides a platform for the best hedge fund managers and investors in Wall Street who present their head of equity choices. On the 23rd anniversary of the conference, a specific type of digital investment currency was recommended on stage. Forecasts of bitcoin prices with astronomical yields have been suggested by some of the most influential market participants.
Pricing of Bitcoin prices for market analysts
Partner of Pfeffer Capital, John Pfeffer predicts that the price of Bitcoin will increase about 200 times and will reach about $ 700,000 in the future.
Although Pfeffer did not specify a certain time limit, there were other investors who did so. Tim Draper, a venture capitalist, has predicted that the Bitcoin price target will reach $ 250,000 within the year 2022. When considering Draper's forecast, Preffer's forecasts seem optimistic.
At the conference, Pfeffer described Bitcoin as "the first valid candidate to replace gold". When we analyze its logic, it is clear that it first believes that Bitcoin can replace the entire gold plate that is in the possession of private investors because Bitcoin is easier to store and fix than the standard dishes. gold buried in the garden or placed in a safe in a bank.
Pfeffer assumes that the value of all the gold plates that are in the hands of private investors amounts to around $ 1.6 trillion at the moment. It continues its calculation assuming that the number of circulating Bitcoins is of 18 million when the complete replacement of the gold plates with the cryptocurrencies takes place. The expected value of Bitcoin can be estimated at $ 90,000. It gives shares of 8% to this forecast.
Pfeffer wants to see Bitcoin become what traditional foreign currencies do to central banks. While he is aware that Bitcoin can not completely replace all the foreign currencies worth around $ 12.7 trillion, he is confident he can replace the fourth of it. Although it is hard to imagine, if the value of Bitcoin reaches a point to match all foreign reserves, including foreign reserves and gold plates, its value exceeds $ 700,000.
In the last two years, Pfeffer has intervened in investing in other cryptocurrencies in addition to Bitcoin. However, he returned to invest only in Bitcoin. His reason was because the other currencies were more complicated than the simple money currency.
Pfeffer states that the value of cryptocurrency depends on its complete economic practice divided by the speed of the rate at which money is exchanged. The value of utility tokens, for example, will always be under pressure due to its continuous exchange rate.
Pfeffer sees the Bitcoin with an opposite perspective. He said: "There is a way out of this value trap, which is if people want to keep their wealth in an encrypted resource." At this point Bitcoin comes to the rescue and then will be able to replace the gold as expected.
