Bitcoin Analyst Who Predicted Cryptocurrency's Rise Now Sees It Reaching $300,000
The analyst who first predicted the rise of Bitcoin has come out with a new prediction regarding the cryptocurrency's value. Independent research analyst Ronnie Moas, who predicted over the summer that digital currency's price would reach as high as $5,000, now claims that it will reaching a staggering valuation of over $300,000 and become the "most valuable currency in the world."
Since Mr. Moas' prediction, the price of the digital currency has surged to over $20,000 increasing its value two-fold in just a matter of weeks. But this is just the start, as the analyst founder of Standpoint research points out.
"Bitcoin is already up 500 per cent since I recommended it in the beginning of July, and I'm looking for another 500 per cent move from here," Moas told CNBC. "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."
Get Our Latest News for FREE
Moas' claims stem from the economics between supply and demand. Given that there will only be a total of 21 million Bitcoins produced over the course of its, the high demand for the cryptocurrency and its finite nature will generally jack its price up. Whether it reaches Moas' forecast of $300,000 to $400,000 though is still to be seen.
To be fair however, his original prediction was a bit conservative, expecting the currency to reach four-digit valuations. His latest claims are no different, but given the frenzied atmosphere, his high-flying predictions could facilitate the creation of a bubble – something financial analysts have already accused the digital currency of becoming.
"We think that it's risky," Vasu Menon, vice president of Wealth Management at Singapore-based bank OCBC, told CNBC. "I don't see strong fundamental drivers for this bitcoin rally,"
Moas isn't deterred however, because according to him, the party's just getting started.
