Wall Street consultants Quinlan & Associates have published “Fool’s Gold: Unearthing The World of Cryptocurrency,” a $5000, 156-page report that predicts that Bitcoin will drop to $1800 by next December, and down to $810 by 2020 (it is currently trading in the $14,000 range).
According to Business Insider’s summary, the report’s argument is that the irreducible complexities of using Bitcoin as a payment mechanism limits its long-term value, and the current high valuations are an artifact of speculation.
“As an asset, we valued Bitcoin using a cost of production approach and a store of value approach, resulting in values of USD 2,161 and USD 687 respectively. To value BTC as a currency, we estimated its utilization for both legal, retail transactions payments, as well as payments in the black market. After significant testing, we calculated the price of BTC 1 to be USD 1,780.”
A Wall Street consultancy eviscerated crypto in a massive report — and it should strike fear into the heart of every bitcoin bull [Frank Chaparro/Business Insider]
(via Naked Capitalism)