Bitcoin’s jump to record highs this week put the digital currency close to being triple the price of gold.
“Our initial bitcoin report viewed bitcoin as a ‘store of value’ and over time would be seen as an alternative to gold,” Thomas Lee, co-founder of Fundstrat, said in an email. In July, he became the first major Wall Street strategist to issue a bitcoin report, titled “A framework for valuing bitcoin as a substitute for gold.”
