The sharp rise in Bitcoin prices has led Standpoint Research founder and stock analyst Ronnie Moas to revise his previous price forecasts for the world’s most well-known digital currency. According to media reports, Moas is now forecasting that Bitcoin’s price could hit $11.000 in 2018. That’s more than double the $5,000 price target Moas predicted in early July.
The longtime researcher has been bullish on Bitcoin in recent months, and this is not the first time that he has revised his price target for the coin. In August, he raised that forecast from $5,000 to $7,500, and told clients that he expected that Bitcoin’s price could rise to $50,000 over the next ten years. Moas has also suggested that Bitcoin’s market cap will eventually match gold’s $8 trillion value.
While some in the financial industry are predicting gloom and doom for digital currencies like Bitcoin, Moas appears focused on its potential. In addition to his increased expectations for Bitcoin’s price, the analyst also predicts increased growth in investor participation in the market - with as much as 5 percent of the world’s population eventually holding Bitcoin assets.
Moas also had an answer to those financial leaders who have criticized Bitcoin and called it a ‘fraud’ or a ‘bubble.’ He noted that cryptocurrency is viewed as a threat to those critics’ own financial interests, and suggested that Bitcoin is neither fraudulent nor in a bubble. “You are more likely to find scams and bubbles in the U.S. stock market,” he wrote.