Bitcoin will cost from $ 90 000 to $700 000.

Speaking at the 23rd annual Sohn Investment conference, John Pfeffer, Manager of the Pfeffer Capital hedge Fund, said that bitcoin is the first serious candidate for gold and surpasses the precious metal "on all fronts".

During a conversation on the transfer of Fast Money CNBC this morning, Pfeffer confirmed his forecast, according to which bitcoin will rise "not below $90 000, and, perhaps, to $700 000."

Its minimum forecast of $90,000 should be justified if bitcoin "becomes the equivalent of private savings in gold bars, which are about $1.5 trillion from the total cost of $150 trillion."

Accordingly, higher levels can be achieved if bitcoin becomes a major reserve currency, which, in his opinion, is less likely, but still possible. If bitcoin can replace 25% of reserves in foreign currencies, its capitalization will reach $6.4 trillion, says Pfeffer.

"In truth, gold is stupid. We fly into space, live in a digital society and still use yellow metal as a non-self-sustaining means of accumulation. Someday we will give our preference to a more advanced technology, the role of which is primarily claimed by bitcoin," he said.

According to Pfeffer, bitcoin is unlikely to" pay for coffee " in developed countries, but in countries with troubled economies it can become an important tool for everyday calculations.

Responding to a question about the tentative dates, Pfeffer noted that the price of $90,000 is only 10 times higher than the current values, which means that two years will be enough to achieve it.