Already known for his bullish sentiment on bitcoin, Standpoint Research analyst Ronnie Moas has now more than doubled down on his past BTC price targets. He’s boasting he now sees the leader of the cryptocurrency world rising as high as $400,000 USD in the upcoming years — due to limited supply and exploding demand.
The World’s Most Valuable Currency
Despite being up over 500 percent since the beginning of July, which led to a wave of attention unheard of for digital currencies, many have conflicting opinions on what the future price of bitcoin could be.
Ronnie Moas, the legendary stock trader who back in July 2017 predicted BTC would hit $5,000 “next year” and $50K in the next decade, is back to making price targets many bitcoin fans will enjoy.
In fact, he’s more than doubling down on the last one. Moas told CNBC’s the Rundown:
“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.”
He also added, “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.”
Moas’ scarcity argument for a price runup is familiar — he gave the same reason last time. But there’s a big difference between $5,000 (which bitcoin already blew past in October 2017), $50,000… and $400,000.
Known for his independent research style, Moas is the founder of Standpoint Research where he provides daily notes and annual recommendations. It’s no secret he has fallen down the cryptocurrency rabbit hole, as he now offers a cryptocurrency membership to accommodate the exceptionally high user demand. He also gives regular updates on the leaders in the digital asset marketplace.
Treat Bitcoin Like Amazon
Others may disagree with the lofty predictions for bitcoin, due to it being the leader in a less mature market and regulatory uncertainty.
However Moas elaborated that it’s best to treat Bitcoin like Amazon should have been treated in its rough days, when the share price fell 94 percent between December 1999 and September 2001.
When it comes to bitcoin, Moas recommended investors continue to implement a strategy for profit taking, and take advantage of price dips that will surely occur, as more institutional investors enter the crypto world.
Do you see Bitcoin being valued as high as $400,000 per bitcoin or is Moas’ prediction a little too high to be reasonable? Let us know what you think.
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