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TOP STRATEGIST: Bitcoin will soar to over $20,000 by cannibalising gold

Business Insider executive editor Sara Silverstein discusses a recent research note from Fundstrat’s Tom Lee says bitcoin could be a true substitute for gold and cannibalise some of the $US7.5 trillion market. Lee estimates the cryptocurrency could be worth $US20,300 by 2022. This estimate is based largely on the assumption that bitcoin can increase its share of the “alternative currency” market, which is mostly gold, from 0.7% to 5%.

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