Bitcoin Predicted to Rise Another 500 Percent
According to independent analyst Ronnie Moas, Bitcoin will go past $20,000 and it will hit six-figured numbers.
Bitcoin has already seen a rise of 500 percent since the analyst has recommended it at the begging of July, and he is anticipating another enormous increase in the cryptocurrency’s value.
When Bitcoin was just $2,600 this summer, Moas put a price target of $5,000 for 2018. Since then, Bitcoin’s value has reached $18,730 as of Monday, according to Coinbase.
Moas told CNBC’s “The Rundown” that he believes the maximum price limit for Bitcoin will be around $300,000 -$400,000, and it will be the most valuable currency in the world.
Moas’ comments came as CME, the world’s largest futures contracts, launched its own Bitcoin futures contract just a month apart from Cboe’s futures launch.
His extremely confident prediction is based on the fact that there will be only 21 million bitcoin that can ever exist and the increasing demand for the virtual currency will automatically increase the coin’s value.
“I don’t know how much gold there is in the ground, but I know how much bitcoin there is, and in two years there will be 300 million people in the world trying to get their hands on a few million bitcoin. This mind-boggling supply and demand imbalance is what is going to drive the price higher,” – Ronnie Moas, founder, Standpoint Research.
While Moas thinks his call is a conservative one, others like Vasu Menon, vice president of Wealth Management at Singapore-based bank OCBC, doesn’t see strong fundamental drivers for this Bitcoin rally and deems it as a risky endeavor.
But Moas thinks that this is only the beginning for bitcoin, explaining that it should be played just like Amazon has been played in the last 15 years – you buy it, hold it and add on the dips.