The same analyst who predicted that Bitcoin will reach a trading value of $5,000 this year has made yet another prediction. According to the analyst, Ronnie Moas, Bitcoin will reach $50,000 per token by 2022 and overtake Apple's current market cap of $800 billion.
Earlier this summer, Moas, the stock analyst and founder of Standpoint Research, made the prediction that the price of Bitcoin will reach $5,000 per token before the end of the year. At the time of the prediction, the Bitcoin was trading at $2,600 per Bitcoin token. Moas’s latest prediction is that the popular cryptocurrency will hit a total market cap of $2 trillion in the next five years. This effectively means that the current Bitcoin price will multiply 12-fold as the price to reach $50,000 per token.
During an interview with CNBC's "Capital Connection", Moas focused on the combined global stock market of $200 trillion. Included in this estimation is gold, stocks, bonds, and cash. According to Moas, no single industry will prove quite as profitable as Bitcoin.
Moas stated that he was not excited to put his money anywhere else other than Bitcoin right now. He continued to explain the underlying economic mathematics of his belief by stating that even if just 1% of the current total market cap of $2 trillion finds its way to the cryptocurrency market, the price of Bitcoin will reach up to $50,000, possibly more. Currently, cryptocurrencies have a truly unique supply-and-demand situation. By 2022, over 200 million people around the world would want to get their hands on a few million bitcoins. The high demand is likely to drive the price of Bitcoin up to $50,000.
When asked about the recent comment from JP Morgan CEO, Jamie Dimon, who stated that Bitcoin was fraudulent, as well as the high-profile investor, Saudi Arabian Prince Alwaleed bin Talal, who stated that the Bitcoin price is likely to implode, Moas simply maintained that these two critics were clearly heavily invested in US investments who were currently under threat by Bitcoin. He added that investors with interests elsewhere are unlikely to recommend Bitcoin as it would damage their business interests.
Despite Moas’s incredible prediction regarding Bitcoin, he did issue a warning that 95% of cryptocurrencies and ICOs were pump-and-dump scam operations, similar to the dot-com craze during the 1990s and early 2000s. According to Moas, he’s only interested in the top 20 cryptocurrencies which together make up 90% of the total market cap. Currently, the total market cap for the cryptocurrency market stands at $170 billion, according to Coinmarketcap.
To conclude his interview, Moas warned that all individuals need to take Bitcoin and its other cryptocurrency counterparts seriously, especially now that the market value cap has reached the same volume as Goldman Sachs. By 2022, the cryptocurrency market cap is likely to surpass Apple’s $800 billion market cap.
Earlier this summer, Moas, the stock analyst and founder of Standpoint Research, made the prediction that the price of Bitcoin will reach $5,000 per token before the end of the year. At the time of the prediction, the Bitcoin was trading at $2,600 per Bitcoin token. Moas’s latest prediction is that the popular cryptocurrency will hit a total market cap of $2 trillion in the next five years. This effectively means that the current Bitcoin price will multiply 12-fold as the price to reach $50,000 per token.
During an interview with CNBC's "Capital Connection", Moas focused on the combined global stock market of $200 trillion. Included in this estimation is gold, stocks, bonds, and cash. According to Moas, no single industry will prove quite as profitable as Bitcoin.
Moas stated that he was not excited to put his money anywhere else other than Bitcoin right now. He continued to explain the underlying economic mathematics of his belief by stating that even if just 1% of the current total market cap of $2 trillion finds its way to the cryptocurrency market, the price of Bitcoin will reach up to $50,000, possibly more. Currently, cryptocurrencies have a truly unique supply-and-demand situation. By 2022, over 200 million people around the world would want to get their hands on a few million bitcoins. The high demand is likely to drive the price of Bitcoin up to $50,000.
When asked about the recent comment from JP Morgan CEO, Jamie Dimon, who stated that Bitcoin was fraudulent, as well as the high-profile investor, Saudi Arabian Prince Alwaleed bin Talal, who stated that the Bitcoin price is likely to implode, Moas simply maintained that these two critics were clearly heavily invested in US investments who were currently under threat by Bitcoin. He added that investors with interests elsewhere are unlikely to recommend Bitcoin as it would damage their business interests.
Despite Moas’s incredible prediction regarding Bitcoin, he did issue a warning that 95% of cryptocurrencies and ICOs were pump-and-dump scam operations, similar to the dot-com craze during the 1990s and early 2000s. According to Moas, he’s only interested in the top 20 cryptocurrencies which together make up 90% of the total market cap. Currently, the total market cap for the cryptocurrency market stands at $170 billion, according to Coinmarketcap.
To conclude his interview, Moas warned that all individuals need to take Bitcoin and its other cryptocurrency counterparts seriously, especially now that the market value cap has reached the same volume as Goldman Sachs. By 2022, the cryptocurrency market cap is likely to surpass Apple’s $800 billion market cap.