Stock Markets Analyst Projects Bitcoin to Hit $7,500
The founder of Standpoint Research has said that bitcoin can climb to $7,500 after it hit an all-time high over $4,000 recently.
Back in July, stock research analyst Ronnie Moas said that the bitcoin price would reach $5,000 ‘in a few months.’
At the time of the report, the digital currency was trading around $2,600 and, according to Moas, was just beginning to gain traction. He claimed that because bitcoin is capped at 21 million coins it would increase demand for them, subsequently helping to push its price up.
Now, though, in light of bitcoin’s continued dominance, which has seen trading reach $4,400, before dropping back to $4,000, Moas now expects the digital currency to reach $7,500, according to CNBC .
He said:
What’s happening is the floodgates are opening. I believe there are hedge funds and very deep-pocketed individuals going into this now, really hundreds of millions of dollars.
He has also projected that the digital currency could reach $50,000 in 2027. A more bullish prediction has come from Dennis Porto, Harvard academic and bitcoin investor, who thinks that bitcoin’s price will reach $100,000 by 2021 by following Moore’s law.
Moas, who admits that his figures are ‘looking conservative,’ believes that digital currencies will form part of ‘strategic reserves’ and ‘asset collection models in the near future.’
He adds:
You can’t look at this as a normal situation. We’re in an industry that will probably go from $140 billion to $2 trillion and the bitcoin price will probably move with that.
According to Moas, we are currently at ‘the same point in the adoption curve as 1995 when we went from one million Internet users to 10 million.’
He believes that as the market grows and more people invest in the digital currency, the 10 million cryptocurrency users from today will jump up to between 50 and 100 million in a couple of years.
At the time of publishing bitcoin’s price is trading at $4,024 with a market cap of $66.4 billion. The entire market cap value is now worth just over $133 billion.
Featured image from Shutterstock.
