Bitcoin is having another huge day.
It’s almost at $US400. Earlier this week, it was around $US250.
So how high could it go?
There’s a private fund called the Bitcoin Investment Trust being sold through Second Market. They have a presentation making the case for why Bitcoin could potentially go much, much higher.
Here’s the nut slide, which basically makes the argument that if Bitcoin becomes as big as other money-related entities, the current price will be nothing.
Without getting into a big Bitcoin debate here, there is some weird stuff going on.
For example, the comparisons to PayPal and Western Unions are comparing the market caps of companies to the value of an outstanding commodity. The comparisons to gold or the total monetary base of Turkey might theoretically be more apt? We really don’t know.