The highly volatile digital currency ‘Bitcoin’ has quickly gained popularity since its release due to its acceptance rate and steady increase in value and the continuous rise in the price of this digital currency since the start of 2017 has been the cause of cheer among investors who bought bitcoin a year ago or before. Over the last week itself, we have seen the cryptocurrency’s price surged from $11,000 almost $17,500 over the weekend. Hold on, there’s more. According to an analysis, this surge could continue to rise and touch a six digit figure.
Ronnie Moas, independent stock research analyst predicted that the bitcoin price would hit $300,000 to $400,000 in 2018. The analyst already published his report on cryptocurrencies at the end of July predicting that its price would rise to $5,000 by the end of 2017. Later, he modified the predictions and published new numbers i.e., $11,000 and $14,000.
He again revised the predictions and gave $20,000 as the new target number for 2018 recently. Now according to the most recent statements made by Moas to 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.”
“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.”
His predictions are based on the idea that since only 21 million bitcoin can ever exist in the world, an increase in the demand for the digital currency would naturally raise the price up. He predicts that in 2 years about 300 million people will buy bitcoins.
“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 bitcoin. This mind-boggling supply and demand imbalance is what is going to drive the price higher,” Moas said.
“I look at bitcoin the same way I look at Amazon,” Moas further added. “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.”