Bitcoin surged to a new all-time high this week, crossing the $8,000 level for the first time.
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
Just weeks after raising his price target for Bitcoin from $7,500 to $11,000, Standpoint Research analyst Ronnie Moas has raised his target once again to $14,000. Moas has also set a long-term target of $60,000 for 2022.
The Thesis
More countries are embracing cryptocurrencies and removing barriers that kept investors away, Moas said in a note. But Moas is not trying to be a hero by keeping his target the highest on the Street. The target is based on the concept that, with $200 trillion dollars in the world in cash, stocks, bonds and gold, there are few reasonably valued investment options.
If one-half of 1 percent of the $200 trillion is put into bitcoin, it would result in a $1 trillion valuation — above Apple Inc AAPL 0.01%, Moas said.
Despite his bold, bullish predictions, Moas said cryptocurrency investors shouldn’t put all their eggs in one backet and should instead invest in at least a dozen different currencies among the top 50 cryptos by market cap.
Investors should…
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