The price of bitcoin could increase to as much as $98,500, according to analysts at financial services and investment firm Wedbush Securities.
A report from analysts Gil Luria and Aron Turner, which has been referenced on StreetInsider.com, takes an extremely positive view of bitcoin, suggesting digital currency has the potential to shake up the current payments space.
Titled Bitcoin: Intrinsic Value as Conduit for Disruptive Payment Network Technology, the report states:
“Among other facets, we believe bitcoin and its associated technology represent a potentially game-changing disruption to our covered payments companies.”
The authors go on to claim cryptocurrency provides a “powerful alternative to branded networks” due to its decentralised processing, new functionality and use of market-based fees.
The price of bitcoin has been a hot topic over the past week, with the digital currency increasing to the dizzy highs of $1,165 on Saturday, according to the CoinDesk BPI. On Mt. Gox, the price topped $1,242, overtaking the price of gold for the first time (gold was at $1,241 per ounce).
Erik Voorhees, who sold gambling site SatoshiDice for 126,315 BTC this year, said this showed what a “respectable asset” bitcoin is becoming.
“Clearly, bitcoin is no