Master Troll Alert: BitCoin Promo Appars in Federal Reserve Hearing

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Every once in a while, a master troll makes a splash IRL on a national stage. Here is one of those moments.

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While many would undoubtedly applaud — and maybe even chuckle at — the man’s actions, CNBC itself points out in the article that it’s not as if Bitcoin really needs free publicity.

Last week, former JPMorgan Chase chief equity strategist and co-founder of Fundstrat Global Advisors, Tom Lee, laid out his predictions for where the price of Bitcoin is headed. And in Lee’s view, it’s headed way, way up:

“We believe one of the drivers [of bitcoin] is crypto-currencies are cannibalizing demand for gold. Based on this premise, we take a stab at establishing valuation framework for bitcoin. Based on our model, we estimate that bitcoin’s value per unit could be $20,000 to $55,000 by 2022.”

Lee argues that the limited supply of Bitcoin — there are only 21 million available units — coupled with growing demand will continue to drive up the price. Lee also predicts that when the total market value of Bitcoin tops $500 billion, central banks will begin to consider buying in. And that, says Lee, may alter the landscape entirely:

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“In our view, this is a game changer, enhancing the legitimacy of the currency and likely accelerating the substitution for gold (by investors).”

Also last week, Goldman Sachs’ head of technical strategy, Sheba Jafari, predicted Bitcoin could soon rise to nearly $4,000.

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About Paul Gordon 2595 Articles
Paul Gordon is the publisher and editor of iState.TV. He has published and edited newspapers, poetry magazines and online weekly magazines. He is the director of Social Cognito, an SEO/Web Marketing Company. You can reach Paul at

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