Ronnie Moas, founder of Standpoint Research and cryptocurrency guru, says the price of Bitcoin will surge towards $300,000 and $400,000 to become the most valuable currency in the world.
Ronnie Moas Sees 75% Chance of Bitcoin Retesting $20,000
Standpoint Research, a self-described ‘one-man operation’ based in Miami, serves as Ronnie Moas’ investment advisory firm. He is a top-ranking stock picker from 2008 to 2017 and became famous for being bullish on Bitcoin after having set a price target of $50,000 in 10 years time, in July 2017.
Ronnie Moas is now back with a more ambitious forecast: “In my view, the genie is out of the bottle, and crypto assets will continue to rise and take market share away from stocks, other precious metals, bonds, and currencies”, he told CNBC.
Moas believes the price of Bitcoin can rise again by 500% like it did since he first suggested in 2017, when it moved to the $20,000 highs: “Bitcoin is already up 500 percent since I recommended it at the beginning of July, and I’m looking for another 500 percent move from here.”
“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.”
“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 of them. This mind-boggling supply and demand imbalance is what is going to drive the price higher.”
“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.”
Ronnie Moas isn’t alone in his bullishness. Many other leading figures within the finance and technology worlds have shown great confidence in its properties as a “store of value”.
Peter Thiel, billionaire investors and co-founder of Paypal, compared bitcoin to gold while being skeptical about most cryptocurrencies. He used his venture capital fund Founders Fund to buy $15-$20 million worth of Bitcoin in mid-2017.
Earlier this month, Bloomberg reported that $9.1 billion hedge fund manager Alan Howard had made a ‘sizable’ bet on cryptocurrency last year. Howard also plans on investing in other digital assets and the blockchain technology behind them.
Last week, Ronnie Moas took to Twitter to explain how volatile is the price of Bitcoin, based on supply/demand and consumer confidence. While it could crash “in a heartbeat”, Moas sees a 75% chance it will retest $20,000.