Bitcoin surged to a new all-time high this week, crossing the $7,000 level for the first time ever. But while some onlookers see bitcoin and other cryptocurrencies as a massive financial bubble, others say the bitcoin rally is just getting started.
The Analyst
Standpoint Research analyst Ronnie Moas.
The Rating
Moas on Nov. 3 raised his 2018 price target for bitcoin from $7,500 to $11,000 and maintains a 2027 target of $50,000.
The Thesis
According to Moas, more countries are embracing cryptocurrencies and removing barriers that had been keeping investors away.
“There is currently 200 trillion dollars in the world tied up in cash, stocks, bonds and gold and I am not excited about putting my money into any of those — If 1% of that 200 trillion dollars finds Its way into crypto in the next 10 years you will be looking at a 2 trillion dollar valuation — 10 times what it is today,” Moas said.
Moas thinks long-term predictions that the global cryptocurrency market will eventually catch up to the global gold market are reasonable. Today, the global gold market is worth roughly $8 trillion. If bitcoin maintains its roughly 50 percent cryptocurrency market share, its $4 trillion market cap would equate to a price per bitcoin of $500,000.
Moas said…
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