Wall Street laughed at a call for bitcoin at $25,000—but after a 400% surge, the laughter is fading
From MarketWatch
Yuk it up! But will Yves Lamoureux have the laugh last?Read more: http://www.marketwatch.com/story/wall-street-laughed-at-a-call-for-bitcoin-at-25000but-after-a-400-surge-the-laughter-is-fading-2017-05-25Back in February when one bitcoin was worth $994, the owner of an eponymously named boutique advisory firm in Montreal forecast that the cryptocurrency would hit $25,000 over the next 10 or 15 years—a figure that is both outlandish and mind-boggling, and it was met with more than just a dollop of skepticism and derision.
However, as the digital currency has surged a breathtaking 400% over the past year, Wall Street may be apt to take Lamoureux’s call a little more seriously. At least, that’s the hope of the 54-year-old former retail broker and trader who established what he describes as macroeconomic research firm, Lamoureux & Co., about four years ago.
“I was talking to institutions and just a few months back some were skeptical for whatever reason, now that this thing has shot up, now they are ready to listen and they are ready to buy [bitcoins],” Lamoureux told MarketWatch.
On Thursday, a single bitcoin BTCUSD, -4.15% surpassed the record level of $2,700 before retreating back to around $2,555.88 in recent trade. That swing, perhaps, highlights the volatility inherent in the digital currency that has reclaimed the world’s attention three years after spectacularly imploding following Mt. Gox—one of the first and formerly one of the largest bitcoin exchanges, which abruptly halted bitcoin withdrawals after a security breach.
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