At the beginning of June, Ronnie Moas, a stock analyst and the founder of Standpoint Research, said that Bitcoin prices will touch $5,000 within a short time-span of a few months. He made this prediction when the price of Bitcoin was about to hit the $2,600 mark. Finally, he placed his bet on the value of cryptocurrency touching a market cap of $2 trillion in the forthcoming years, which would efficiently witness the value of Bitcoin to reaching above $50,000 i.e.12x that of today’s value.
An interview with the stock analyst
In an interview of CNBC’s “Capital Connection” recently, Moas did highlight the issue of $200 trillion in the combined world economic market of stocks, bonds, cash and gold. In his words, “I’m not excited about putting my money in any four of those options right now. If 1% of that $200 trillion finds its way into cryptocurrency in the next 10 years, you will be looking at a $2 trillion valuation, 12x what it is today, and that will drive Bitcoin price above $50,000.”
In addition, he also said, “You have a supply-demand equation here that is mind-boggling. There will be a situation in a couple of years where there are 200 million people around the world trying to get their hands on a few million bitcoins,” he explained. “That is going to drive prices to $50,000 – a $1 trillion valuation [of Bitcoin] which is less than 15% of what gold is at today.”
Meanwhile, Moas was also questioned about his stand on the criticism which came against him from the chief of JPMorgan, Jamie Dimon, who quoted the Bitcoin as a ‘fraud’. And there were questions regarding his take on billionaire Saudi investor, Prince Alwaleed bin Talal, who labelled Bitcoin being on the verge of an ‘implosion’, like Enron. Moas answered that these kinds of criticisms against Bitcoin are “heavily invested in publicly-traded US banks”, especially those banks who feel “threatened” by the value of Bitcoin.
Moas also stated that, “So, I don’t expect those people to come out and recommend [anyone] to buy Bitcoin, because that hurts their business.”
In addition, he touched upon the idea that 95% of the 1000+ cryptocurrencies involve scam operations, not unlike the dot.com bubble from the ‘90s. While he is only looking at the top 20 cryptocurrencies, they make up more than 90% of the total cryptocurrency market cap, the total of which currently stands at $170 billion, according to Coinmarketcap.
Moreover, Moas also went on to add that, “People need to start taking this seriously because today Bitcoin has caught up with Goldman Sachs. Within five years, it’s going to catch Apple [up], which has an $800 billion market cap.”
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