Standpoint Research founder and analyst Ronnie Moas has projected that Bitcoin will reach a value of $15,000-$20,000 by late 2020. The cryptocurrency has continued its upward trend, several times flirting with the $4,500 level. This makes a single Bitcoin worth about three ounces of gold.
Moas’ projection for the cryptocurrency market
According to Moas, the total market capitalization of all virtual currencies will soar from today’s $150 billion to $2 trillion in the next 10 years. He also compared the exceptional performance of the digital currency market to the “dot-com boom” of the 1990s.
“I am not any more concerned with Bitcoin being at a record high than Amazon or Google investors were concerned when those share prices jumped hundreds of percent and hit $100 and $200 many years ago. Today, both of those stocks are above $900. The question is not where we are at — it is where are we going? I do not think we are in a bubble.”
Previous predictions from Moas include Bitcoin reaching $5,000 in the next few months and Ethereum doubling this year.
Some negative views on the cryptocurrency market
Despite the phenomenal performance of the digital currency market, not all are convinced about its long-term feasibility. One of the skeptics is investor Peter Schiff, who previously predicted the 2008 mortgage crisis.
According to Schiff, Bitcoin and other virtual currencies are in a bubble and are merely a Ponzi scheme driven by “just plain greed.” Based on those comments, it’s uncertain if Schiff knows the definition of “Ponzi scheme.”