Hong Kong-based cryptocurrency exchange Gatecoin’s marketing chief said in an interview with Bloomberg that despite these boom times, the Bitcoin (TIKER: BTC.EXANTE) 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 (TIKER: LTC/USD.CRC) as an “underrated cryptocurrency” that shares many similarities with Bitcoin without suffering the same “scaling issues” that has often plagued its development and community.