What a difference just a few months make. Once viewed as a plaything for cryptoanarchists and cypherpunks, Bitcoin has become the talk of professional investment communities and media. As of this writing, bitcoin (BTC) has touched $6,000. A recent survey suggests $10,000 per BTC is not out of the question.
$10,000 Not as Crazy as Once Thought
Consumer News and Business Channel (CNBC) ran an unscientific survey, polling its online readers with the question, “Where does bitcoin go from here?” Of the more than twenty thousand respondents, nearly half “said above $10,000,” wrote CNBC Technology Correspondent Arjun Kharpal. Thirty-five percent of respondents agreed with the option “Jamie Dimon is correct, you’ll pay the price for buying,” while sixteen percent chose the final option of bitcoin heading to between $6,000 and $8,000. That means a total of 65% of the CNBC bitcoin survey universe is bullish on the currency’s future.
CNBC is owned by Comcast Corporation, the US-based worldwide telecommunications conglomerate. Forbes contributor Ilana Greene noted that CNBC’s audience—both day and institutional traders—relies heavily on the channel for decision-useful data, with 19% of viewers watching 5+ hours per week.
Bitcoin Bulls in Good Company
Several well-known analysts align with the bullish sentiment. Standpoint Research’s Ronnie Moas spies a $7,500 near future. Tom Lee of Fundstrat Global Advisors called the $6,000 price by year’s end back in summer, along with Pantera Capital Management’s Paul Veradittakit and John Spallanzani at GFI Group Inc., who pointed to a $10,000 bitcoin price by as soon as 2018. Former Fortress hedge fund manager Michael Novogratz, though he insists much of the run-up to be signs of a classic bubble, predicts bitcoin will reach $10,000 even sooner.
Not everyone, of course, is so cheery. Previous bull Roy Sebag of Goldmoney, Inc., divested tens of thousands of bitcoins after getting in around 2011. Libertarian pundit Peter Schiff famously referred to bitcoin as a fad, “tomorrow’s Beanie Babies.” Warren Buffett of Berkshire Hathaway remarked, “Stay away from it. It’s a mirage, basically.”
Despite the naysayers, the CNBC survey underscores a dominant optimism. Whether bitcoin will truly hit $10,000 remains to be seen, but the market’s attention is firmly fixed on the milestone.