Bitcoin Predicted to Crash in 2018
In their 156-page report titled “Fool’s Gold: Unearthing The World of Cryptocurrency,” the firm comprehensively stated that the current bitcoin price above $14,000 is a bubble and does not reflect the true worth of the cryptocurrency. Quinlan associates argued in their write-up that the current price is unreal for bitcoin both as a store of value and a medium of exchange.
The report read:
“As an asset, we valued Bitcoin using a cost of production approach and a store of value approach, resulting in values of $2,161 and $687 respectively. To value BTC as a currency, we estimated its utilisation for both legal, retail transaction payments, as well as payments in the black market. After significant testing, we calculated the price of BTC to be $1,780.”
Sourced through Scoop.it from: btcmanager.com