Bitcoin Will Reach $300,000-$400,000: Ronnie Moas
Standpoint Research founder Ronnie Moas foresees a 500% increase in Bitcoin’s future, predicting that the cryptocurrency will ultimately reach six figures.
Earlier this year, the independent analyst predicted that Bitcoin would hit $5,000 by 2018 (Bitcoin was trading at roughly $2,600 at the time) – however, the cryptocurrency has soared beyond all expectations, and left that target far behind.
“Bitcoin is already up 500 percent since I recommended it in the beginning of July, and I'm looking for another 500 percent move from here.”
“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 added.
Bitcoin’s price movement has become a modern-day marvel – the cryptocurrency, which was worth a little below $1,000 at the start of 2017, has seen an increase of more than 1,700% so far. Bitcoin was worth a little above $10,000 at the start of this month, and it is currently trading at between $18,000 and $19,000, having smashed through the $20,000 barrier this past Sunday.
While the reasons behind the price rise have yet to be satisfactorily pinned down (although many attribute them to the launch of Bitcoin futures products by the Chicago Mercantile Exchange and Chicago Board Options Exchange), Moas believes that it is the supply/demand imbalance that will continue to drive Bitcoin’s price higher.
“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 Bitcoin,” he said. “This mind-boggling supply and demand imbalance is what is going to drive the price higher.”
The total supply of Bitcoin is 21 million, while the current circulating supply is 16,750,637 BTC. The entire supply is expected to be mined by 2140.
In addition to looking into Bitcoin’s future, Moas also predicted in July that Ethereum would hit $400 by 2018, but the digital currency passed that mark earlier this year and is currently close to breaking through the $800 barrier.
The crypto market is currently rising at an unprecedented rate – in addition to Bitcoin’s run, prominent coins Ether, Litecoin, and Ripple have also soared, as have alt coins such as Cardano. Detractors have long dubbed Bitcoin a bubble, but as the prices surge past all reasonable expectations, even prominent figures from the crypto industry, such as LTC’s Charlie Lee, Ethereum’s Vitalik Buterin, and Coinbase CEO Brian Armstrong have begun to express their concerns and urged investors to exercise caution.