Stock Analyst and Standpoint Research founder Ronnie Moas stated recently that the sees bitcoin’s price to reach $20,000 in the next three years. According to Ronnie, we are still seeing only the tip of the iceberg.
His predictions don’t stop there. Moas claims that the bitcoin’s market cap will reach as much as $2 trillion in the next decade. This looks like a very optimistic prediction considering that today Bitcoin’s market cap is $161 billion.
He stated:
“I am not any more concerned with Bitcoin being at a record high than Amazon or Google investors were concerned when those share prices jumped hundreds of percent and hit $100 and $200 many years ago. Today, both of those stocks are above $900. The question is not where we are at — it is where are we going? I do not think we are in a bubble.”
The roadmap to $2 trillion market cap according to Moas begins by looking at the $200 trillion that is currently invested in global markets today, including all major asset classes: cash, stocks, bonds and gold. He believes stocks are over-valued, and according to him three quarters of the names in S&P 500 are trading above the threshold of 12 times their earnings.
Moas also pointed out that on the currency front, the US dollar is currently losing it’s value due to inflation. From a global perspective, for people who don’t have access to the dollar, cryptocurrency could be something they are inclined to turn to.
He uses Venezuela as an example to the use of bitcoin. He states: “ Imagine you live in Venezuela and you’re keeping money under the mattress. Would you rather leave it there in Venezuelan bolivar or would you rather put it in bitcoin. It’s not going to take you a long time to make that decision. “
Moas predicts that bitcoin would be bigger than Amazon and Apple together, as stated by Coindesk.
As far as the bubble. He’s not concerned for the top 50 cryptocurrencies. “A lot of people say there is a bubble out there. I see a bubble when you get down below the top 50 cryptocurrencies” – he states. “There are more than 800 names right now. In my view, what happens outside the top 50 is irrelevant”.
As far as Moas bullish predictions go, he recently also predicted that the bitcoin cryptocurrency would be reaching $5000 in a few months. He’s not far off with that prediction as currently bitcoin is trading at $4383.80.
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