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Interest in cryptocurrencies seems to be growing rapidly, these opening lines from a CNBC article on Wednesday also seem to support that assumption:
“An unidentified man held up a sign saying ‘buy bitcoin’ during Fed Chair Janet Yellen’s testimony Wednesday before the House Financial Services Committee.
“Bitcoin subsequently climbed toward session highs and traded 3.7 percent higher, at $2,418.46, as of 2: 27 p.m. ET, according to CoinDesk.”
The entire thing was caught on camera, and the bitcoin supporter was removed from the hearing room as the sign apparently violated House Committee rules. The subject of cryptocurrencies was not commented on by Yellen herself during her testimony.
Many may find the man’s actions amusing, they may even applaud them, but it’s not as if Bitcoin really needs any free publicity as CNBC itself points out.
Last week, Tom Lee, who is a former JPMorgan Chase chief equity strategist and co-founder of Fundstrat Global Advisors, laid out his predictions for the price of Bitcoin in the future and it would seem he thinks it’s heading well upwards:
“We believe one of the drivers [of bitcoin] is crypto-currencies are cannibalizing demand for gold. Based on this premise, we take a stab at establishing valuation framework for bitcoin. Based on our model, we estimate that bitcoin’s value per unit could be $20,000 to $55,000 by 2022.”
There are only 21 million available bitcoin units and this limited supply coupled with growing demand will continue to drive up the price according to Lee. He also predicts that central banks will consider buying in when the total market value of Bitcoin tops $500 billion. Lee thinks this could significantly alter the landscape.
“In our view, this is a game changer, enhancing the legitimacy of the currency and likely accelerating the substitution for gold (by investors).”
Sheba Jafari, Goldman Sachs’ head of technical strategy last week predicted Bitcoin could soon rise to nearly $4000.