Bitcoin’s long term bull run isn’t over yet, if analysts are to be believed. Ronnie Moas, an independent research analyst and the founder of Standpoint Research — a self-described ‘one-man operation’ based in Miami — believes we could be seeing far higher prices for the cryptoasset in the near future. Moas earlier gave some of the most accurate price predictions on Bitcoin in 2017.
In July, 2017, he put a $5,000 price target on bitcoin for 2018, when the digital currency at that time was valued around $2,600.
“In my view, the genie is out of the bottle, and cryptoassets will continue to rise and take market share away from stocks, other precious metals, bonds and currencies,” he had said.
And by December, the same year, bitcoins’ value surged to $18,000!
After seeing a 500% rise in its value, Moas stated that the Bitcoin would continue rising and cross the six digits figures, past $20,000. “Bitcoin is already up 500 per cent since I recommended it in the beginning of July, and I’m looking for another 500 per cent move from here,” he says.
His comments led to Chicago Mercentile Exchange (CME) — the world’s largest futures exchange — to launch its own bitcoin futures contract. After which the Chicago Board Options Exchange (CBOE)which is the world’s largest options exchange and the leader in product innovation too, did the same.
“The end-game on bitcoin is that it will hit $300,000 to $400,000 in my opinion, and it will be the most valuable currency in the world,” Moas told CNBC.
“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,” he claims.
He isn’t the only one super bullish on bitcoin. PayPal co-founder and investor Peter Thiel also believes in the cryptoasset, saying people are underestimating Bitcoin’. Investment bank Goldman Sachs agrees, saying haters don’t ‘get its gold-like qualities’.
Sure, not everyone agrees to his calls and claims.
“We think that it’s risky,” said Vasu Menon, vice President of Wealth Management, Singapore, to CNBC. “I don’t see strong fundamental drivers for this bitcoin rally,” he added. To add on, the well-known investor Warren Buffett too, told CNBC that cryptoassets will come to a ‘bad ending.’ And also, Jamie Dimon, the CEO of J.P. Morgan, famously called bitcoin a ‘fraud.’
Contrary to that, Moas feels that the Bitcoin surge parties are just getting started. In fact, he says, “I look at bitcoin the same way I look at Amazon. The way to play Amazon for the last 15 years was to buy it, hold it, and add on the dips. That’s exactly the way I think people should be playing bitcoin.