Bitcoin’s price is on a tear in 2017, and it’s hard not to notice the decentralized currency’s spectacular run this year. As the value climbed to new heights this October, surpassing $5800 per BTC across global exchanges, many well-known investors have stated this month that they believe bitcoin’s future will be very bright from here on out.
Despite the Words of Jamie Dimon, Big Name Investors Believe Bitcoin Has a Bright Future
Big name investors and billionaires are talking about bitcoin a lot these days. However, the JP Morgan CEO, Jamie Dimon, has decided to stop talking about bitcoin, for now saying, “I wouldn’t put this high on the category of important things in the world, but I’m not going to talk about bitcoin anymore.” Even though Dimon is supposedly done talking about bitcoin, many well-known billionaires and financial executives have great things to say about the currency’s future.
Michael Novogratz: ‘Bitcoin Could Capture $10K in 6-10 Months’
This week the former fund manager for the firm, Fortress, Michael Novogratz, told CNBC that he thinks bitcoin can capture a value of $10,000 per BTC within six to ten months. Novogratz is excited about cryptocurrencies and explains the tech space is thrilling right now. The former Fortress executive does believe the currency is in a bubble right now but illustrates the demand for a decentralized financial system exists.
“I never thought I’d come out of retirement, but the space is so exciting right now I decided to build a business, hire a whole bunch of smart guys, and we’re gonna to raise a fund,” explains Novogratz.
Hopefully take advantage of what I see as a revolution, actually — A decentralized revolution.
Jeffrey Epstein: ‘If We Found a Secret Cache of Gold, the Value of Gold Would Decrease Instantly — Bitcoin Doesn’t Have This Problem’
Another well-known investor who weighed in on his opinion of bitcoin this week was, Jeffrey Epstein the Bear Stearns limited partner. Just recently Epstein discussed bitcoin extensively with columnist Dylan Love from the news outlet, The Next Web, at his Upper East Side Manhattan apartment. Epstein believes “counterfeiting is the big problem” with the money system we use today, and bitcoin offers a solution.
“Bitcoins each have a unique identifier, and any coins numbered outside a certain range of are fake — the whole system is mathematically controlled, so it can just as easily be mathematically verified,” explains Epstein. Additionally, the billionaire believes bitcoin does work as a good store of value.
“When we talk about gold as a store of value, that just means a lot of people agree to pay the same price for one ounce of gold. In 2017, enough people agree on the value of bitcoin that it can serve the same purpose.
There will only ever be 21 million bitcoins, but this limit comes from computer code, not by how many bitcoins are left to remove from the earth. If we learn tomorrow that half of Montana contained a secret cache of gold, the value of gold would decrease instantly. Bitcoin doesn’t have this problem.
Tom Lee: [Bitcoin] Has A Lot of Characteristics That Are Very Similar to Gold
Many other investment luminaries are jumping on the bitcoin bandwagon as well. For instance, Fundstrat co-founder Tom Lee thinks bitcoin will be the best performing asset class this year. Lee expects more and more institutional investor demand will continue to flock towards bitcoin’s “digital gold” attributes.
“I think bitcoin is an under-owned asset with potential for huge institutional sponsorship coming,” explains Fundstrat’s co-founder Tom Lee on CNBC’s “Fast Money” broadcast.
It has a lot of characteristics that are very similar to gold that I think will make it ultimately attractive as an alternate currency — It’s a good store of value.
A lot of mainstream investors are hearing these popular investment types and billionaire financiers talking about bitcoin. It’s likely that retail investors are also jumping in on the bitcoin bandwagon, due to these opinions from Wall Street executives and hedge fund managers. There are still a few big name investors like Jamie Dimon who say negative things about the cryptocurrency, but these days those opinions are being drowned out by the loud roar of investors who are taking bitcoin seriously.
What do you think about these mainstream investment types and billionaire financiers talking about bitcoin in a positive light? Let us know what you think in the comments below.
Images via Shutterstock, Pixabay, and Fundstrat.
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