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.
He stated:
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.
He added:
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.