{"id":33652,"date":"2020-12-18T19:00:13","date_gmt":"2020-12-18T17:00:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=33652"},"modified":"2025-08-28T14:52:43","modified_gmt":"2025-08-28T11:52:43","slug":"insider-co-founder-does-not-rule-out-bitcoin-reaching-1-million-on-speculation","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/insider-co-founder-does-not-rule-out-bitcoin-reaching-1-million-on-speculation\/","title":{"rendered":"Insider co-founder does not rule out Bitcoin reaching $1 million on speculation"},"content":{"rendered":"

Bitcoin is the perfect asset for speculation, and it is precisely for that reason that we are seeing its rise, said Insider co-founder and businessman Henry Blodget on CNBC<\/a>.<\/p>\n

He argues that the first cryptocurrency has no intrinsic value and its price depends on how much people are willing to pay for it.<\/p>\n

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\u201cYou can tell ridiculous stories that Bitcoin is a store of value and that its price should be some percentage of gold’s price, but Bitcoin’s supply is limited,\u201d Blodget said.<\/p>\n<\/blockquote>\n

In his view, it is investor enthusiasm surrounding Bitcoin that is pushing its price higher:<\/p>\n

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\u201cMore and more people are buying an asset with a limited supply and literally no market capitalization. Bitcoin could rise to $1 million, because it will be worth exactly what someone pays for it,\u201d he explained.<\/p>\n<\/blockquote>\n

Blodget emphasised that unlike stocks, Bitcoin lacks a link to future cash flows generated by the asset.<\/p>\n

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\u201cIf you look at the FAANG stocks, they trade at 30-40 times earnings. These are high multiples, but it’s not madness. It’s based on cash flow. The bulk of profits in the economy will go to these companies,\u201d Blodget said.<\/p>\n<\/blockquote>\n

In conclusion, the businessman added that in the beginning he had hoped to see in the first cryptocurrency something more than a speculative asset. For example, the possibility of moving entirely to payments in Bitcoin or conducting all cross\u2011border transactions in Bitcoin.<\/p>\n

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\u201cBut for most people it’s simply a more preferred store of value than fiat,\u201d he says.<\/p>\n<\/blockquote>\n

Earlier, Evgeny Kogan, a professor at the Higher School of Economics, stated that for investments in cryptocurrencies do not work traditional forecasting models<\/a> of future profits.<\/p>\n

Subscribe to ForkLog news on Telegram: ForkLog Feed<\/a> \u2014 the full news feed, ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is the perfect asset for speculation, and it is precisely because of that that we are seeing its rise, said Insider co-founder Henry Blodget on CNBC.<\/p>\n","protected":false},"author":1,"featured_media":33653,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1138],"class_list":["post-33652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/33652","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=33652"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/33652\/revisions"}],"predecessor-version":[{"id":33654,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/33652\/revisions\/33654"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/33653"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=33652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=33652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=33652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}