Standpoint Research founder and analyst Ronnie Moas has projected that Bitcoin will reach a value of $15,000-$20,000 by late 2020. The cryptocurrency has continued its upward trend, several times flirting with the $4,500 level. This makes a single Bitcoin worth about three ounces of gold.
Moas’ projection for the cryptocurrency market
According to Moas, the total market capitalization of all virtual currencies will soar from today’s $150 billion to $2 trillion in the next 10 years. He also compared the exceptional performance of the digital currency market to the “dot-com boom” of the 1990s.
“I am not any more concerned with Bitcoin being at a record high than Amazon or Google investors were concerned when those share prices jumped hundreds of percent and hit $100 and $200 many years ago. Today, both of those stocks are above $900. The question is not where we are at — it is where are we going? I do not think we are in a bubble.”
Some negative views on the cryptocurrency market
Despite the phenomenal performance of the digital currency market, not all are convinced about its long-term feasibility. One of the skeptics is investor Peter Schiff, who previously predicted the 2008 mortgage crisis.
According to Schiff, Bitcoin and other virtual currencies are in a bubble and are merely a Ponzi scheme driven by “just plain greed.” Based on those comments, it’s uncertain if Schiff knows the definition of “Ponzi scheme.”