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Hong Kong-based cryptocurrency commerce Gatecoin’s marketing chief has stated that bitcoin price, notwithstanding these boom times, is “undervalued.”
In a televised interview with Bloomberg today, Gatecoin’s stock exchanging chief and head of business development for Asia Pacific Thomas Glucksmann was led onto the substance of bitcoin’s “fair value”, at a time when prices are nearing $10,000 – a peculiar 10x gain since the turn of the year. The bitcoin executive professed the Stock Exchange remains relatively “illogical” compared to traditional financial assets where premium predictions are analyzed over usual valuation metrics.
Asked if it was “crazy” to determine bitcoin’s fair value, Glucksmann acknowledged and replied:
I discretion still argue that it is highly, highly undervalued. If you look at the long-term possible of the technology in the next 10, 20, 30 years, $10,000 is cheap in my opinion.
While bitcoin is now seen in the mainstream as a trust in of value among retail investors, it remains a peer-to-peer decentralized electronic cryptocurrency, a factors Glucksmann is keen to point out even if or when the cryptocurrency is valued at a million dollars. “Bitcoin is divisible up to 8 decimal cut down to sizes,” the Gatecoin executive told the interviewer, referring to the smallest fraction of a Bitcoin, also comprehended as Satoshis (0.00000001 BTC – a hundredth of a millionth BTC).
Even if one bitcoin is good a $1,000,000, you could still have $1 USD worth of bitcoin which you could still finish peer-to-peer. It’s important to look at bitcoin in that way with that longer-term panorama.
At press time, data from CoinmarketCap reveals bitcoin charge trading at $9,927 and topping $165 billion in the total market value of all 16.7 million veined bitcoins.
Gatecoin, which lays claim to being the world’s first place exchange to list Ethereum’s ether tokens in mid-2015, suffered foremost operational disruption in recent months after Hong Kong banks abruptly transfixed its accounts, forcing the exchange to suspend HKD and USD deposits from customers at a term when the exchange had ‘tripled’ its customer base following bitcoin’s evaluation gains. The exchange found respite with new banking partners in Europe and is registered to resume bank transfers in December.
The exchange also added brace for Litecoin this month, enabling users to buy and sell the alternative cryptocurrency with bitcoin, ether and the Euro. In his observes today, Glucksmann underlined Litecoin as an “underrated cryptocurrency” that share ins many similarities with bitcoin without suffering the same “surmounting issues” that has often plagued its development and community.
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