Crypto Week in Review 10/23-10/27: Thiel, Lee and Moynihan
Peter Thiel’s Thoughts on BTC
This week at The Future of Investment Initiative in Riyadh, Saudi Arabia, Silicon Valley’s famed investor Peter Thiel, took the opportunity to discuss what has been giving him the most buzz in The World lately.
Thiel was asked “what excites you, what can you look at in the world today, that you feel like wow that is a good idea or that really is where the growth story is?”
Cryptocurrencies was one of them. He made very clear that he was skeptical of most cryptocurrencies but the majority was underestimating the potential of Bitcoin. Thiel raised many valid arguments to Bitcoin’s use as a store-of-value that is secured by math.
Bitcoin and Metcalfe’s Law
Known as Wall Steet’s perma-bull, FundStrat’s CEO Tommy Lee was out this week with his Company’s research on the cryptocurrency. In the first episode of Tech Insider’s “The Bit”, Tommy discusses Metcalfe’s law and how it explains the rise in the Bitcoin network. The number of users have grown proportionate to the growth in price, and he argues that 94% of the price growth is explained in the growth in users and number of transactions.
Tom predicts the price to reach $25,000 per coin, on the assumption that 5% of portfolio allocations are devoted to store-of-value assets, i.e gold and bitcoin, and that Bitcoin captures 5% of the gold $3T gold market. This is a conservative estimate to the percentage of portfolios that may hold the cryptocurrency. If figures started reaching 15 and 20% allocations to Bitcoin, price per coin could propel to the $100,000 levels.
The full interview can be seen here:
Brian Moynihan Ruins The BTC Fun
Another week and another major bank CEO calling Bitcoin the currency of criminals. On air with CNBC host Wilfred Frost, Bank of America CEO Brian Moynihan was asked what camp he fell in on Bitcoin; fraud or opportunity?
As with Jamie Dimon, JP Morgan CEO, Moynihan’s stance was eerily similar. He discusses the anonymity of the currency and the safety risks that it imposes.
The excerpt from the interview can be seen here.
https://www.cnbc.com/video/2017/10/26/bofa-ceo-moynihan-anonymous-part-of-bitcoin-causes-debate.html
Last week Bitcoin and Ethereum broke key levels with force and were slowly retracing the move . As of this morning both pairs have broken those key levels: BTC/USD trading above the $6000 level and ETH/USD above the $300 level.
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