Moas forecasts again, says- Bitcoin price will rise to 400K
Dec 19, 2017 Posted / 8960 Views
Private research analyst Ronnie Moas Believes that Bitcoin will continue it meteoric march into six figures by surging past $20,000 by the end of this year. Bitcoin is priced at about $19,000 at the moment and the currency does not require much work to hit $20,000 in the few remaining days to 2018. Moas is the founder of Standpoint Research, a self-described one-man company based in Miami, United States.
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He recently said that Bitcoin is already up by more than 500% since his July prediction that bitcoin will reach $5000 at a time the currency was still trading for merely $2,600 in around July this year. He believes that bitcoin is most likely going to increase by another 500% going to around $100,000 from its current price of $19,000. Although Mr. Moas early prediction of $5000 had a timeline extending into 2018, Bitcoin broke the price barrier before 2018 could come to sight.
Mr. Moas now believes that Bitcoin will become the most valuable currency in the world with its prices more than that on gold. He recently told CNBC’s program, the Rundown, that,
“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.”
Moas comment indicates that bitcoin demand will drive prices to go up since its supply will remain limited. This analysis came at a time when CME (Chicago Mercantile Exchange), worlds largest futures exchange, launched its own bitcoin futures contract. Moas believed the difference between demand and supply of bitcoin will significantly drive its prices up.
However, not everyone is siding by the prediction Mr. Moas has given on bitcoin futures, despite the fact that his prediction on bitcoin price was once right. Moas recently said that his price target is a conservative call.
Vasu Menon, the vice president of a wealth management at the Singapore based OCBC Bank recently told CNBC news that there are no significant fundamental drivers for the Bitcoin rally Moas is predicting. On the other hand moas still holds that the party's just getting started for Bitcoin.
Maos compared Bitcoin to amazon stocks when he said, the way Amazon could be played for the last 15 years was to buy it, hold it and add on the dips. He believes that bitcoin should be treated in a similar way for those planning to reap any significant gains of the currency.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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