Research Analyst and founder of Miami-based Standpoint Research, Ronnie Moas, has updated his bitcoin price prediction. He now predicts that the value of bitcoin going forward will exceed $300,000. Moas previously predicted that the price of bitcoin would go to over $50,000 by the year 2027. He stated this in July 2017 when bitcoin’s price was at $2600.
Speaking to CNBC, Moas adjusted his prior opinion stating:
“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.”
Alluding to the price rally over the past few months, he added, “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.”
Moas believes bitcoin’s meteoric rise is far from over because of the nature of its limited supply:
“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.”
The comments from Moas follow on from increased global interest in bitcoin as its price continues to rally with financial players such as hedge funds foraying into the cryptocurrency space in an effort to capitalize on the rally. There are now over 75 cryptocurrency-focused funds investing in this new digital asset class and with even established investment funds as well as private banks are starting to show interest in the world’s leading digital currency.
Likening bitcoin to retailing giant Amazon, Moas opined that the best way to benefit from the rise in the value of the currency was to acquire it and take profit as the value increases.
“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,” he explained.
Moas is not alone with his seemingly-high prediction. Former hedge fund manager and best-selling author James Altucher recently stated that he could see the price of bitcoin hitting $1 million within the next three years.