It says the fair value could be $1300 in the future if (a) ten percent of the world's e-commerce transactions are in bitcoin, and (b) bitcoin is used for money transfers at a rate that puts it in the top three of that industry, and (c) bitcoin has a reputation as a store of value (and a stable enough price to make that possible) comparable with that of silver. When all those things happen it will have a fair market valuation about 25% higher than the current price by that analyst's estimate.
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