Bitcoin [BTC] is the first viable candidate to replace gold – Says John Pfeffer at the Sohn Conference

The 23rd Annual Sohn Investment Conference took place on 23rd April in New York. Since 1995, the Conference continuously brings world’s smartest investors to one platform where they can share the most valuable thoughts about the present-day investment techniques and innovative ideas behind them.

John Pfeffer, a Partner at a U.S based investment venture called Pfeffer Capital LP was one of the key speakers at the conference shared his investment ideas and his vision for Bitcoin’s future.

John says:

“Bitcoin is the first viable candidate to replace gold,  it is better on every front.”

According to him, most of the digital assets are bad bets. Whereas Bitcoin has the proven ability to displace 25% of foreign reserves and it is expected to give the network a value of $6.4 trillion.

Famous Winklevoss twins who are Bitcoin Billionaires and strong proponents of the cryptocurrency, along with John Pfeffer is on a mission to promote Bitcoin as the next global store of Wealth. John is well-known for his investments and partnerships in various London based private firms since 2000.

According to the recent analysis, Bitcoin seems to be back on track after all the bearish market trends since December 2017. The outlook for the coin continues to be bullish for all the traders and the Bitcoin community since last week. Bitcoin market has been constantly proving that all the positive predictions about its value to be true and eventually the buying pressure is also expected to increase.

Bitcoin, at UTC 1:20 PM is very close to the resistance at $9,200 with a market capitalization of $159 billion. The overall volume of the coin is constantly trading in green in the past 7 days. The overall volume in the past 24 hours has increased by 4.24%. The cryptocurrency is currently being traded the highest on Bitfinex with a 24-hour trading volume of $360 million. It is also being traded on various top exchange platforms like OKEx, Binance, Huobi, bitFlyer, Upbit, GDAX, and many more.

2 hours chart of BTC

2 hours chart of BTC | Source: TradingView

A Redditor recently commented:

I’m so happy to see 0-5% growth per week and be confident it’s not a pump and dump like BCash is experiencing. Unpopular opinion but I’d rather see Bitcoin at $9k levels well into May.”

Maria Rex, a Bitcoin investor says:

“Am happy for Bitcoin even though i only have .2, I’ll always support it fully.”

Another Bitcoin enthusiast says:

“9400 another barrier we need to break through then it’s 10k barrier.”

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