Bitcoin Will Exceed 300,000
Call him an Astrologer or an independent Wall street stock research analyst or the Founder of Miami based Standpoint Research, billionaire Ronnie Moas is the stalwart who in July’2017 forecasted that Bitcoin will rise to $20,000 in 3 years. At that moment of time, Bitcoin was trading at $2600. However, following the meteoric bull run of bitcoin, Moas changed the prediction of $20,000 to 2018.
Ronnie Moas has now predicted that the value of Bitcoin will exceed $300,000. Earlier Moas predicted that the value of bitcoin would go to over $50,000 by 2027.
Speaking to CNBC, Moas quoted that “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”. Alluding to the price rally over the past few months, he added:
“Bitcoin is already up 500% since I recommended it in the beginning of July, and I am looking for another 500% move from here”
I have been misquoted & words taken out of context. My near-term target for $BTC is $28,000 / my mid-range (18-36 months) target is $100,000-$150,000 / My long-range target (5-10 years) would have $BTC at $300,000-$400,000 = $5-$6 trillion = #China currency = #gold = # 1 ranking— Ronnie Moas (@RonnieMoas) December 18, 2017
Moas believes bitcoin’s meteoric rise is far from over because of the nature of its limited supply i.e., 21 million tokens. He added by saying:
“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 bitcoins. This mind-boggling supply and demand imbalance is what is going to drive the price higher.”
Bitcoin’s volatility has been a hot talking point over the past few months, with enthusiasts and industry specialists taking the ‘Hodl’ approach.
The bullish approach has created scarcity on the market which has driven up value. People are constantly asking if it’s ‘too late to buy Bitcoin,’ but Moas insists on buying in dips constantly.
Other Bitcoin Supporters
Moas is not alone with his seemingly-high prediction. Former hedge fund manager and best-selling author James Altucher recently stated that he could see the price of bitcoin hitting $1 million within the next three years. Joining the bandwagon are the hedge funds who want to capitalize on the rally. This can be inferred by looking at around 75 cryptocurrency focused funds who have now invested in this new asset class.
Inspite of all the buzz, not everyone believes in the price target called by Moas. Vice President of Wealth management at Singapore based bank OCBC believes that Bitcoin’s are too risky. He quotes that “I don’t see strong fundamental drivers for this bitcoin rally”.
Long term per se, we at cryptoniam believe that over next few months, irrespective of expected correction, if cryptocurrency market (not limited to Bitcoin) is able to sustain its growth rate then this new asset class is going to be multi-trillion economy competing with traditional gold market.