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Bitcoin could soar as high as $64,000 next year, investment research firm Fundstrat predicts
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"We believe the current path of hash power growth supports a BTC price of about $36,000 by 2019 year end, with a $20,000-$64,000 range," Sam Doctor, head of data science research at Fundstrat, said in a report. Hash power refers to the processing power computers need to generate bitcoins.That's roughly four times or more from bitcoin's price Thursday of near $9,300.
 

 

The economics of bitcoin mining also likely create a support level for the cryptocurrency, Doctor said.
 
The growth of bitcoin "mining" activity could send the cryptocurrency's price as high as $64,000, investment research firm Fundstrat said Thursday.
 
Bitcoin is created through an energy-intensive process known as mining, in which computers receive the cryptocurrency as reward for solving complex mathematical equations. Processing power to guess the solution is known as "hash power," which Fundstrat predicts will grow 350 percent through 2019
.
"We believe the current path of hash power growth supports a BTC price of about $36,000 by 2019 year end, with a $20,000-$64,000 range," Sam Doctor, head of data science research at Fundstrat, said in a report.
 
Mining depends on factors such as the cost of electricity, cooling equipment and specialized hardware, known as rigs.
 
As of May 6, Fundstrat estimates the cash break-even price for the older Antminer S7 model is $6,003 per bitcoin, and $2,368 for the newer Antminer S9. Both are made by Beijing-based Bitmain, which Bernstein analysts estimate had $3 billion to $4 billion in operating profits last year.
 
"The release of the next generation of rig hardware should trigger a new round of capex as well as hash power growth, which could accelerate if BTC price appreciates," Doctor said.
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