Speaking at the 23rd annual Sohn Investment Conference, John Pfeffer, partner at Pfeffer Capital said bitcoin is the first viable candidate to replace gold, saying its better "on every front." Pfeffer joins the Winklevoss twins as the latest prominent figure promoting bitcoin as the next global store of wealth. 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. The price of a single bitcoin reached a six-week high Saturday, trading above $9,000.