Bitcoin bull Ronnie Moas has raised his 2018 bitcoin price target to $11,000.
Moas, a respected market analyst at Standpoint Research, believes that recent announcements such as the introduction of bitcoin futures contracts by derivatives exchange operator CME Group will accelerate the pace of global bitcoin adoption ahead of his already-bullish target.
“Every day more headlines are hitting the newswires on crypto,” Moas wrote in a note emailed to clients. “More countries are embracing it and the few obstacles that were standing in the way are falling down like dominoes.”
This is not the only time Moas has raised his bitcoin price target in recent months. Earlier this year, he set a $5,000 bitcoin price target, which he later raised to $7,500 during the market’s Q3 surge. Now, as the bitcoin price approaches that revised target, he has written a note to Standpoint clients advising them that he believes the bitcoin price will hit $11,000 in 2018.
But Moas does not think bitcoin will stop there. He expects that within 10 years at least 1% of all capital – an estimated $200 trillion – will move into crypto assets, raising the total cryptocurrency market cap tenfold to $2 trillion. Assuming bitcoin holds a 50% market share, the bitcoin price would be roughly $50,000. That’s his conservative estimate.
My aggressive crypto market cap target is actually 2% within 5 years that would put the industry at $4 trillion dollars and bitcoin would be at 2 trillion (if it holds a 50% market share),” Moas continued. “The price would then be $120,000 and only 25% of where the gold market is today. Many people believe that Bitcoin will eventually catch up to gold($8 trillion) and I would not argue with that. $8 trillion would get bitcoin to $500,000.”
Bitcoin Not a Bubble
Elsewhere in the note, Moas addresses the litany of recent criticisms from entrenched financiers. Although Goldman Sachs chief executive Lloyd Blankfein says he is “open” to bitcoin, other leading investment bankers have been far less conciliatory. UBS has called the market a “speculative bubble”, while JPMorgan head Jamie Dimon has lambasted it as an outright “fraud”.
Moas writes that these criticisms do not deter him from his positive outlook.
“What would we expect them to say?” he wrote. They’re “heavily invested in the publicly traded U.S. banks that are threatened by cryptocurrency. Bitcoin is not a scam and it is not in a bubble. You are more likely to find scams and bubbles in the U.S. stock market.”
This article was first published by Josiah Wilmoth at Cryptocoinnews