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An analyst who previously predicted bitcoin price to hit $5,000 this year, has gone bullish again to claim bitcoin will overtake Apple’s $800 billion market cap within five years.
Earlier in June, stock analyst and founder of Standpoint Research Ronnie Moas predicted bitcoin price to hit $5,000 within a few months at a time when the cryptocurrency was trading near $2,600. Now, the stock picker has hedged his bet on the cryptocurrency market to hit $2 trillion in the coming years that will effectively see bitcoin rise to 12x its price today above $50,000
Appearing in a media interview with CNBC’s “Capital Connection” today, Moas put the spotlight on $200 trillion in the combined global markets of gold, stocks, bonds and cash. All of which he would be shunning, for bitcoin.
I’m not excited about putting my money in any four of those options right now. If 1% of that $200 trillion finds its way into cryptocurrency in the next 10 years, you will be looking at a $2 trillion valuation, 12x what it is today, and that will drive bitcoin price above $50,000.
“You have a supply-demand equation here that is mind-boggling. There will be a situation in a couple of years where there are 200 million people around the world trying to get their hands on a few million bitcoins,” he explained. “That is going to drive price to $50,000 – a $1 trillion dollar valuation [of bitcoin] which is less than 15% of what gold is at today.”
Moas was asked about his take on recent criticism from JPMorgan chief Jamie Dimon who labeled bitcoin a ‘fraud’ and billionaire Saudi investor Prince Alwaleed bin Talal who said bitcoin will ‘implode’ like Enron.
The stock analyst said these critics are “heavily invested in publicly-traded US banks”, banks which are “threatened” by bitcoin.
So, I don’t expect those people to come out and recommend [anyone] to buy bitcoin, because that hurts their business.
Moas went on to add that 95% of the 1000+ cryptocurrencies are pump-and-dump scam operations, similar to the dot-com bubble from the 90s. His focus only extends to the top 20 cryptocurrencies which make up over 90% of the total cryptocurrency market cap. At the time of publishing, the total crypto market cap stands at $170 billion, according to data from Coinmarketcap.
Moas went on to add, bullishly:
People need to start taking this seriously because today bitcoin caught up with Goldman Sachs. Within five years, it’s going to catch Apple, which has an $800 billion market cap.
Featured image from Shutterstock.