Bitcoin Price at $1800 by end 2018 and $800 by 2020, Latest Report by a Wall Street consultancy Quinlan & Associates.

stock-vector-bitcoin-and-blockchain-concept-rise-and-fall-of-bitcoin-price-683743486.jpg
Image Source

Quinlan & Associates put out a massive report that should strike fear into the heart of every bitcoin owner.
The consultancy laid out a bear case for bitcoin that puts it at just $1,800 at the end of 2018 and $800 by 2020.

Quinlan & Associates, A wall street consultancy in their latest report titled "Fool's Gold: Unearthing The World of Cryptocurrency" has prdicted a massive crash in the value of bitcoin.

The report states that bitcoin which is currently valued at around $14000 is totally overvalued, whether in terms of an asset or as a currency.

The report states:

"As an asset, we valued Bitcoin using a cost of production approach and a store of value approach, resulting in values of USD 2,161 and USD 687 respectively. To value BTC as a currency, we estimated its utilization for both legal, retail transactions payments, as well as payments in the black market. After significant testing, we calculated the price of BTC 1 to be USD 1,780."

The report predicts that if the adoption of bicoin as a medium of exchange does not increase significantly then it is a bubble waiting to burst. they further predict that the cryptocrrency marketcap with suffer a 70% loss due to this.

Despite fulfilling most of the characteristics of a traditional fiat currency, cryptocurrencies are largely being utilized as speculative investment assets, leading to considerable volatility in their value," said Benjamin Quinlan, chief executive and managing partner, in a statement shared with Business Insider.

here is an illustration of their prediction:

The firm's long-term outlook for bitcoin is even more dreary. According to the report, it sees bitcoin trading at just $810 in 2020.

Still, it sees room for growth after the crash for the cryptocurrency market as a whole.

"While we anticipate valuations to decline in the short-term in response to the widespread unwinding of the digital currency space, the price of utility cryptocurrencies is likely to recover and dominate the market in the long-term," the report said.

It expects the cryptocurrency market to rebound - driven by those cryptos with a clear utility and reach $407 billion by 2020.

Disclaimer: The author of this article owns Bitcoin and other cryptocurrencies, This should not be treated as his personal view and investment advise

Download Sample Report : (https://www.quinlanandassociates.com/wp-content/uploads/2018/01/Quinlan-Associates-Fools-Gold-Sample-Pages.pdf)