Speaking at today's Ira Sohn Investment Conference, John Pfeffer, partner at Pfeffer Capital unveiled his conference pick and was... bitcoin, and not just bitcoin but a bullish case which would make Tom Lee's head spin, saying that bitcoin is the first viable candidate to replace gold in the world as it is focused on "decentralization and censorship resistance" and is "vastly easier to store and transact with than gold."

Pfeffer, an entrepreneur, an investor and author of the book "An (Institutional) Investor's Take on Cryptoassets

is a partner in Pfeffer Capital, and previously at PE firm Kohlberg Kravis Roberts, said he anticipates bitcoin to rise to no less than $90,000 and potentially as high as $700,000. This makes even Tom Lee's prediction of Bitcoin hitting $125,000 in 2022 seem tame by comparison.

Putting the forecast - and recent price moves - in context, Bitcoin is currently trading at $8,924, right on top of its 50DMA, but below its 100 DMA at $10,909, while the 200 DMA remains supportive at $8,060.

Not surprisingly, while championing bitcoin Pfeffer said that the majority of crypto assets are bad bets. Pfeffer finished by saying that if bitcoin displaces 25% of foreign reserves it would give the network a value of $6.4 trillion. Of course, when in a few years central banks are desperate to devalue all global currencies at any cost to wipe our a quarter of a quadrillion in debt overnight, it just might happen.

Of course, all these predictions pale by comparison to John McAfee's bitcoin forecast of $1 million by 2020, or else he would eat his own dick.