Hong Kong-based cryptocurrency exchange Gatecoin’s marketing chief said in an interview with Bloomberg that despite these boom times, the Bitcoin (Bitcoin) price is “undervalued.”
Asked if it was “impossible” to determine Bitcoin’s fair value, Thomas Glucksmann acknowledged replied:
“I would still argue that it is highly, highly undervalued. If you look at the long-term potential of the technology in the next 10, 20, 30 years, $10,000 is cheap in my opinion.”
“Bitcoin is divisible up to 8 decimal places,” the Gatecoin executive said, referring to the smallest fraction of a Bitcoin, also known as Satoshis (0.00000001 BTC – a hundredth of a millionth BTC).
“Even if one Bitcoin is worth a $1,000,000, you could still have $1 USD worth of Bitcoin which you could still transact peer-to-peer. It’s important to look at Bitcoin in that way with that longer-term view,” he noted.
In his remarks Glucksmann also underlined Litecoin (LTC/USD) as an “underrated cryptocurrency” that shares many similarities with Bitcoin without suffering the same “scaling issues” that has often plagued its development and community.