John Pfeffer, a partner at Pfeffer Capital recently announced during the annual Sohn Investment Conference held in New York City that the price of Bitcoin (BTC) would hit a target of $700,000 from its current market price of $9,500. Pfeffer also announced that BTC is likely to become the new gold or a reserve currency that the world has ever seen.

Though Pfeffer didn’t specify the time frame on his projection, another popular cryptocurrency investor and capitalist Tim Draper also recently predicted that BTC price would surge to over $250,000 by 2022.

Pfeffer further predicted that BTC could eventually work like the current foreign reserve currencies that are used in the central banks today. Generally, governments hold foreign currencies to pay for the international debts and conduct other cross-border transactions such as a dollar to a Japanese Yen and much more. Thus BTC could displace some form of reserves in the near future.

Since its inception in the recent past, the virtual currency, BTC has encountered countless criticism and disapproval by various banks and individual market analysts such as Morgan Stanley comparing the token to the dot-com bubble that surged up to 280% during its growth stage.

Governor Philip Lowe has also termed the crypto assets to be the ‘speculative mania’ and sound people should not invest in them due to their high price volatility and other risks associated with crypto assets. According to Lowe, the value of BTC is extremely volatile, there are regulation challenges, and high transaction costs involved. Another major problem with BTC is the vast amounts of electrical power that is required to fuel up the crypto mining operations of coins hence the crypto asset is not worth venturing in.

Pfeffer who has various partnership links in London, together with other BTC billionaires are preparing to promote BTC as the next potential store of wealth for the world. According to them, there is no other crypto asset that is more valued than BTC, which has been potential to be used as a foreign reserve by banks in the near future.