Ronnie Moas of Standpoint Research, who predicted the rise of Bitcoin, now says that the cryptocurrency will become the world’s most valuable currency.
For a number of years, Bitcoin quietly moved up a few notches in value, but then 2017 happened. The cryptocurrency has exploded this year, going from just around $1000 to the current value of $18,969. Few people made the Bitcoin prediction that it would rise so sharply, but Ronnie Moas of Standpoint Research did. Now he goes even farther and envisions that Bitcoin could reach as high as $400,000 and become the most valuable currency in the world.
Future World Domination?
In an interview with CNBC, Ronnie Moas was quite bullish on the future of Bitcoin. He says that the current frenzy about the virtual currency hitting $20,000 is just the launching point for something bigger. The analyst predicts that Bitcoin will go much higher, stating:
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.
He then added:
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.
Could Moas Be Right?
The independent research analyst has been on target before concerning Bitcoin. When the cryptocurrency was trading for $2,600 last summer, he was the person who spoke up and said that it would reach $5,000 before the end of the year. He was right, even though he might have been surprised to see how quickly Bitcoin shot up in value over the last couple of months.
As for his Bitcoin prediction, Moas is confident that the virtual currency will become the most valuable currency in the world. The reason for this is due to supply and demand. There’s a limited supply of bitcoins, so the market will ensure that prices will go up as long as the demand is there.
In this context, Moas says:
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. This mind-boggling supply and demand imbalance is what is going to drive the price higher.
Of course, not everyone agrees with this assessment. Vasu Menon of Singapore-based bank OCBC says that it’s a risky move to believe that Bitcoin will reach $400,000 as he does not see any fundamental drivers for such a rally.
However, Ronnie Moas is unperturbed and is doubling down. He says:
I look at bitcoin the same way I look at Amazon .The way to play Amazon for the last 15 years was to buy it, hold it, and add on the dips. That’s exactly the way I think people should be playing bitcoin.
Do you agree with Moas that Bitcoin will reach $400,000? Will it become the world’s most valuable currency? Let us know your thoughts in the comments below.
Images courtesy of Pixabay and Bitcoinst archives.