Having successfully predicted recent Bitcoin highs, Standpoint Research Founder Ronnie Moas sees lofty highs for the preeminent cryptocurrency in the next year.
In August, the analyst tentatively forecasted Bitcoin’s rise to the $20,000 mark in three years, but his timelines were quite off the mark. Two months later, amid the start of Bitcoin’s outrageous bull run and talk of the launch of futures trading, Moas changed that prediction to 2018.
Speaking to CNBC ahead of the launch of Bitcoin futures on the Chicago Mercantile Exchange, Moas believes Bitcoin will see another 500 percent rise next year.
"Bitcoin is already up 500 percent since I recommended it in 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."
Most valuable currency in the world
It’s not hard to understand why Moas is taking a far more brazen approach to Bitcoin - given the way it has exceeded all predictions and death-sentences.
Moas says the cryptocurrency cap at 21 mln tokens is a major factor in its rapidly rising value. Again, he drew a comparison to gold but insists the cryptocurrency will be far more valuable as millions of people look to a slice of the action.
"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 mln people in the world trying to get their hands on a few million Bitcoin."
Bitcoin’s volatility has been a hot talking point over the past few months, with enthusiasts and industry specialists taking the ‘hodl’ approach. The bullish approach has created scarcity on the market which has driven up value.
People are constantly asking if it’s ‘too late to buy Bitcoin,’ but Moas insists on buying in dips constantly.
"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."
Naysayers still bleating
Axel Weber, head of Swiss bank UBS, hit out at Bitcoin in an article published on Sunday and called for strict regulation.
“We as a bank have very consciously warned against this product because we do not consider it valid and sustainable.”
He is one of a plethora of traditional banking and financial institution heads that are staying clear of cryptocurrencies.
*This article has been edited - after incorrectly describing Ronnie Moas as billionaire fund manager. We apologise for any damages caused by the writer’s mistake.