Needham Company, LLC, an investment banking and asset management firm, just bumped the estimated value of bitcoin from $655 to $848, due to faster than expected adoption and improving fundamentals, according to Money Morning.
The new estimate, an analysis of the Bitcoin Investment Trust (BIT), follows Needham’s original bitcoin price prediction in March.
Spencer Bogart, the author of the September 22 report, said the revised estimate is based on a faster-than-expected adoption and improving fundamentals. In addition, planned improvements to the bitcoin protocol also bodes well for bitcoin price.
Bitcoin: ‘Digital Gold’
Bogart continues to see bitcoin as a payment network enabling an open, global, permissionless financial system. He called bitcoin a “digital gold.”
Needham’s March 29 price prediction proved timely.
The cryptocurrency’s price was about $415. On June 11, the price breached $600. The next day it hit $675, exceeding the $655 estimate.
The price continued to surge, peaking at around $775. It retreated after that, but traded in the $650 range until the Bitfinex security breach in