Bitcoin to $50,000!
Ronnie Moas, who for the past 13 years has made more than 900 stock recommendations via his one-man show at Standpoint Research, is now venturing into cryptocurrencies.
Bitcoin will double to $5,000 next year, and reach $25,000 to $50,000 in the next decade, the Miami Beach, Florida-based Moas said in a note to clients Wednesday, where he also disclosed he bought “a little bit” of litecoin, bitcoin and ethereum in a Coinbase.com account.
It’s a testament to the exuberance around bitcoin, ethereum and other blockchain assets that equity investors who hadn’t been involved in cryptocurrencies are now starting to analyze and make bets on the sector along with established bitcoin enthusiasts who see long-term gains, even if they say there might be a correction after the recent rally.
“There are only 21,000,000 bitcoins in circulation and the world will fight over those 21 million coins as confidence in currency and other investments deteriorates,” Moas wrote, referring to the algorithm that caps the amount of bitcoin that can be created. “I have little doubt that 1% of the money in cash, bonds, stocks and gold will end up in cryptocurrencies.”