New Goalposts Set For Bitcoin, $7,500 by Year End
The recent surge in Bitcoin price has caused stock researcher Ronnie Moas to re-evaluate his initial prediction of $5,000 to $7,500
In late July, an audacious figure of $5,000 per Bitcoin was predicted by stock researcher Ronnie Moas for the year end. However, the recent rally has seen Moas shift that figure by a full $2,500 to $7,500 as predictors try and keep up.
With this prediction, Moas is also expecting the market value of all digital currencies to jump from around $140 bln to $2 tln, with Bitcoin being the main influencer in that.
The floodgates are open
Moas is a staunch supporter of digital currencies, with 100 percent of all his investments now in Bitcoin, as well as other altcoins.
"What's happening is the floodgates are opening," Moas, founder of Standpoint Research, told CNBC on Monday. "I believe there are hedge funds and very deep-pocketed individuals going into this now, really hundreds of millions of dollars."
Moas has been giving advice on Bitcoin with a bold statement coming at the end of July when his prediction sat at $5,000. Since the recent rise, which has seen Bitcoin break new records almost daily, Moas predicts $7,500 by next year and $50,000 in 2027 — representing a 28 percent annual compounded growth rate.
Moas, who has been involved in successfully picking mainstream stocks with aplomb, puts this rise and potential to keep rising to a number of factors, including digital currencies breaking into mainstream investing.
Moas sees digital currencies becoming part of strategic reserves and asset allocation models in the near future as institutional investor interest grows. Troubles in foreign lands can also help grow the coin as trust in national currencies fails, such as in Venezuela.
"You can't look at this as a normal situation," he said. "We're in an industry that will probably go from $140 bln to $2 tln and the Bitcoin price will probably move with that."
Money where his mouth is
Moas is a respected voice in the bridge between traditional trading and investing to cryptocurrency investing as the stock picker proudly states that 100 percent of his assets are digital. He never previously invested in stocks he picked.
"Any way that I look at these numbers, my forecasts are looking conservative. It looks to me as though we are at the same point in the adoption curve as we were in 1995 when we went from one mln Internet users to 10 mln. The following year the Netscape browser came online and we went from 10 mln users to hundreds of millions of users overnight,” Moas added.