Analyst who predicted bitcoin's rise now sees it hitting $300,000-$400,000
Posted on 07 Mar 2018 12:33 by Admin
Ronnie Moas in July put a $5,000 price target on bitcoin when it was at $2,600
The founder of Standpoint Research now sees the cryptocurrency rising by another 500 percent
Bitcoin will surge past $20,000 and continue its meteoric march into six figures, according to independent research analyst Ronnie Moas.
"Bitcoin is already up 500 percent since I recommended it in the beginning of July, and I'm looking for another 500 percent move from here," said Moas, the founder of Standpoint Research, a self-described "one-man operation" based in Miami.
Over the summer, Moas put a $5,000 price target on bitcoin for 2018. At the time, the digital currency was trading at just $2,600. Since then, it has surged to $18,168 as of Monday, according to prices tracked on Coinbase.
"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's "The Rundown."
The analyst's comments came as the CME, the world's largest futures exchange, launched its own bitcoin futures contract. The Cboe did the same earlier this month.
His aggressively bullish call — a near-$380,000 dollar appreciation on today's prices — is based on the idea that since only 21 million bitcoin can ever exist. Increasing demand for the digital currency will naturally drive its price up, he said.
"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," Moas said.
Not everyone agrees
Moas said he believes his price target is a conservative call, but others disagree.
"We think that it's risky," Vasu Menon, vice president of Wealth Management at Singapore-based bank OCBC, told CNBC.
"I don't see strong fundamental drivers for this bitcoin rally," he said.
But Moas says the party is just getting started.
"I look at bitcoin the same way I look at Amazon," he said. "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."