Moas predicts another 500% growth spurt for Bitcoin next year
The crypto industry as a penchant for volatility with its only predictability being that its, well, unpredictable. This makes forecasting its future price a bit tricky. It might seem that the current trends point in a certain direction for Bitcoin, until that volatility rears its sneaky head.
In August this year, Standpoint Research Founder and Director, Ronnie Moas, predicted that the most well-known digital currency would be trading at $20k in three years. Hello unpredictability! The currency was trading at over $20k on some exchanges last week already.
Just before CME launched their Bitcoin futures trading, Moas told CNBC:
“Bitcoin is already up 500% since I recommended it in the beginning of July, and I’m looking for another 500% move from here. The end-game on Bitcoin is that it will hit $300k to $400k in my opinion, and it will be the most valuable currency in the world.”
Bitcoin has many advantages, but Moas believes that a key drawing card is the fact that there is a finite number of 21 million bitcoins available. This ultimately makes it much more valuable than other commodities out there, including gold. Moas explained:
“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.”
The currency’s characteristic volatility has resulted in its holders opting to keep their bitcoins and not cash out. The less bitcoins there are available to buy, the higher its price. So, does this mean its too late to get in on some of that lucrative Bitcoin action? Moas doesn’t think so:
“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.”
Even with its popularity and adoption into the mainstream financial industry through Bitcoin futures, crypto cynics still aren’t convinced. The EU, China and Russia have been vocal with their plans to regulate the industry, while some institutions won’t even touch it.
Head of Swiss bank, UBS, Axel Weber, had this to say:
“We as a bank have very consciously warned against this product because we do not consider it valid and sustainable.”
However, there is no denying that Bitcoin, and digital currencies in general, is here to stay. Through its decentralized nature, it offers a level of autonomy and ownership to its users that traditional financial institutions simply can’t match, or even come close to.