After reaching an all-time high of $1242 last week, bitcoin is feeling gravity today and the virtual currency is trading down 7.8% to $998. Despite the sell-off, however, the newly minted-currency is the talk of the town on Wall Street and now on Main Street. Today,analysts
at Wedbush had the guts to discuss bitcoin and believe it could be worth 10-100x its current price.
Wedbush analysts Gil Luria and Aaron Turner see intrinsic valueof bitcoin as a conduit in a new global crowd-funded open-source payment network. “Among other facets, we believe Bitcoin and its associated technology represent a potentially game-changing disruption to our covered payments companies,” they said.
The analysts observe three key sources of demand for Bitcoin – 1. as a disruptive payment network technology, 2. an alternative uncorrelated asset class, 3. and a safe haven currency. However, they believe the payment network capabilities are the key to the sustainability of crypto currency, with Bitcoin the early leader.