Bitcoin Is Undervalued, Fair Value Price Should Be $15,000, Says Analyst
Bloomberg cryptocurrency analyst Mike McGlone says bitcoin is greatly undervalued, suggesting that its fair value price should currently be somewhere around $15,000. The price of bitcoin (BTC) has see-sawed between $10,000 and $12,400 over the last few weeks, often tumbling sharply following what one pundit described as “fake” breakouts. The latest rout saw BTC crash more than 8% within days from over $11,000 to $10,100. At Press time, each bitcoin is trading for $10,695, up nearly 2% in the last 24 hours. McGlone, a senior commodity strategist at Bloomberg, based his arguments....
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Ask your average bitcoin enthusiast, and he or she will be quick to list the reasons why the price of bitcoin, even at $260, is undervalued, or at least, not properly reflective of its long-term value. Now, however, those with a more bullish outlook have a new tool that can help them uncover bitcoin's 'intrinsic value'. Recently launched by ALFAcoins, the ALFAquotes Fair Bitcoin Price indicator aims to illuminate what it considers the true value of bitcoin by factoring for the cost of bitcoin mining, or the production of the commodity itself. At press time, ALFAquotes contends, while most....
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