The price of bitcoin can be expected to rise to $400 over the next 12 months, according to a new report by Wedbush Securities.
The Report says: ""By aggregating the utilization of the various applications, we arrive at our $400 BTC price target, which translates to $40 per share of GBTC. This implies [roughly] $6bn market capitalization, which we would also describe an option on bitcoin supplanting some payment volumes from Visa, MasterCard, PayPal and Western Union, who combine for [less than] $300bn in market cap."
You can download the report at:
In its calculations, however, Wedbush expands on its approach to valuing bitcoin based on its expected penetration of large target markets.