The main takeaway from the 1st annual Consensus Invest Conference is that bitcoin is great, but there is a flaw that experienced miners have undoubtedly noticed.
Bitcoin is subject to wild swings.
That was the only negative takeaway from the conference's discussion on the trendy cryptocurrency, according to Fundstrat Global Advisors.
Bitcoin has made a habit of having wild 30%-40% swings, but the bulls at Fundstrat note that those swings are often short-lived.
"As we noted in our update of our bitcoin model, we specifically forecast a serious deceleration of growth rates to arrive at our $11,500 mid-2018 value (Bitcoin was $7,800 at the time). But as noted above and given the growth in users (Coinbase etc), growth is not slowing. Hence, we consider our $11,500 value as a conservative base case," Fundstrat said in a note Wednesday.
Bitcoin was trading above $11,000 Wednesday. Miners are ignoring warnings of a potential bubble for the digital currency even as the stock has surged more than 1,000% this year.