Investments by institutional investors could lift the price of the first cryptocurrency above $500,000. Such a forecast was given by SkyBridge Capital’s chief operating officer, Brett Messing, in an interview with DeCrypt.
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The top executive believes that Bitcoin could reach $100,000 in no more than 15-16 months.
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“Bitcoin is either a super-niche asset that trades between $500 and $50,000, or it should be worth much more than $500,000. Why not $150,000? Money from institutional investors will carry it to that height. At these levels, will purchases stop? Morgan Stanley will start offering digital gold to clients, and Goldman Sachs won’t? That’s unrealistic,” Messing argued.
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The COO of SkyBridge Capital compared Bitcoin’s current dominance to Dell’s popularity at the dawn of the personal-computer market in the early 1990s, and pointed to the prerequisites for this trend to persist.
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“So, is Compaq cheaper? No! Go buy the leader! Regardless of the valuation, if you buy the leader, you will be generously rewarded,” he explained.
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In January, SkyBridge Capital launched a Bitcoin fund with assets of $310 million.
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In November of last year the company invested $25 million in the first cryptocurrency. By the end of December the figure reached $182 million.
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Prior to SkyBridge Capital, the founders of the cryptocurrency exchange Gemini the Winklevoss brothers predicted Bitcoin would rise to $500,000.
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