What a difference just a few months make. Once viewed as a plaything for cryptoanarchists and cypherpunks, Bitcoin has now become the talk of professional investment communities and mainstream media. As of late October 2017, Bitcoin (BTC) has touched $6,000 in price. A recent unscientific survey conducted by CNBC—the consumer news and business channel owned by Comcast—suggests that $10,000 per BTC is not out of the question.
Survey Results: Bullish Sentiment Dominates
CNBC polled its online readers with the question, “Where does Bitcoin go from here?” More than 20,000 respondents participated. According to CNBC Technology Correspondent Arjun Kharpal, nearly half of them—around 49%—selected the option “above $10,000.” Another 16% chose the range between $6,000 and $8,000. Meanwhile, 35% of respondents opted for the statement “Jamie Dimon is correct, you’ll pay the price for buying,” reflecting bearish concerns over a potential bubble. Despite that, the combined bullish camp totaling 65% highlights an overwhelmingly optimistic sentiment among the channel’s audience—retail and institutional traders alike.
Wall Street Analysts Bullish, but Not Unanimously
CNBC’s audience is in good company. Standpoint Research’s Ronnie Moas sees a near-term target of $7,500. Tom Lee of Fundstrat Global Advisors called the $6,000 price by year-end back in summer, alongside Paul Veradittakit of Pantera Capital Management. John Spallanzani at GFI Group Inc. has gone further, predicting a $10,000 Bitcoin price as early as 2018. Former Fortress hedge fund manager Michael Novogratz, despite acknowledging the run-up exhibits signs of a classic bubble, expects Bitcoin to reach Mr. Spallanzani’s target even sooner.
Not everyone, however, is so cheery about the world’s most popular cryptocurrency. Previous bull Roy Sebag of Goldmoney, Inc., who entered the Bitcoin market around 2011, has since divested tens of thousands of coins. Libertarian pundit Peter Schiff has famously referred to Bitcoin as a fad, calling it “tomorrow’s Beanie Babies.” Warren Buffett of Berkshire Hathaway remarked, “Stay away from it. It’s a mirage, basically.” The split between bulls and bears remains stark, but the sheer volume of professional and retail bullish bets suggests that the $10,000 psychological level may be closer than skeptics assume.
Market Divergence Deepens: What Lies Ahead for Bitcoin?
With 65% of survey respondents bullish and multiple high-profile analysts aligning with optimistic forecasts, the debate over Bitcoin’s trajectory is far from settled. The price history of 2017 later demonstrated that Bitcoin would briefly approach $20,000 by December, underscoring the extreme volatility that characterizes this nascent asset class. This article, originally published in 2017, serves as a historical snapshot: in the world of cryptocurrencies, consensus and dissent coexist, and price action ultimately reflects the balance of supply, demand, and sentiment.