A panel of traditional financial experts on CNBC have chosen Bitcoin over both gold and a basket of US stocks as an investment opportunity.
In a segment on the channel’s Fast Money segment, Fundstrat Global Advisors’ Thomas Lee said when given a choice between the precious metal and US stocks, Bitcoin was “easily” the best option between now and the end of 2017.
This is why bitcoin could be the new gold: Tom Lee from CNBC.
“I think Bitcoin is an under-owned asset the the potential for huge institutional sponsorship coming,” he said. “Between now and year end, it’s easily Bitcoin.”
Given the current money supply trends and gold discovery, Lee added that if Bitcoin could capture just five percent of the alternative currency market, it would take on a value per coin of “$25,000 to $50,000 per token.”
While other interviewees were less decided on Bitcoin’s future, suggesting it could still “go to zero,” the mood continues a broadly enthusiastic tone coming from fiat circles.
CNBC has quoted multiple sources on its shows in recent months, many of whom have called Bitcoin being worth multiples of its current price within varying time frames.
A notable counterbalance came in the form of Business Insider CEO Henry Blodget, who in late May repeated the age-old argument that Bitcoin “has no intrinsic value.”
Since then, prices have surpassed the expectations of many, with Max Keiser’s forecast of $5,000 by 2018 now looking increasingly likely.