Seeing growing use over the next several years, a new Needham & Co. Bitcoin price prediction estimates the digital currency's present value at $655.
That's not far from the present value of $604 that fellow investment firm Wedbush Securities came up with in a similar Bitcoin price prediction analysis last fall.
bitcoin price predictionBoth are substantially higher (45% and 57%) than the Bitcoin price today of about $417.
Notoriously volatile, the Bitcoin price rocketed 8,500% in 2013, then fell 87%. And in the past year, the price of Bitcoin is up 67%.
But the digital currency refuses to go away.
That two respected Wall Street firms are devoting resources to Bitcoin price analysis speaks to how far the cryptocurrency has come in just a few short years. Once derided as a tool for criminals and anarchists, Bitcoin is now taken very seriously by the financial community.
That's because the world's big banks and financial institutions realize that Bitcoin and the technology that underpins it, the blockchain, have the potential to completely disrupt their businesses. And so more and more, they've chosen to study and embrace it.
Why Wall Street Is Making Bitcoin Price Predictions
The Needham Bitcoin price prediction, released this week, actually was undertaken to initiate the firm's coverage of the Bitcoin Investment Trust (OTCMKTS: GBTC). That was also the purpose for last November's Wedbush Bitcoin price prediction.
Open only to accredited investors and institutions, GBTC functions much like a gold exchange-traded-fund (ETF), but for Bitcoin. In other words, the Bitcoin Investment Trust is closely tied to the Bitcoin price.