The annual Sohn Investment Conference in New York is usually a place where Wall Street’s best hedge fund managers and investors present their top stock picks—from Amazon to Valeant Pharmaceuticals. And for the first time in the event’s 23-year history, one of those investors used the Sohn conference stage Monday to recommend a certain digital investment: Bitcoin. John Pfeffer, a partner at his London-based family office Pfeffer Capital, is not only betting on Bitcoin, but giving it a bold price target of $700,000—about 75 times the current Bitcoin price of nearly $9,500.