Bitcoin Price to Hit $50,000 By 2022 According To Top Analyst

Bitcoin Price to Hit $50,000 By 2022 According To Top Analyst

Just a few months ago Standpoint Research Ronnie Moas predicted that bitcoin’s price would hit $5,000 within a few months, at that time Bitcoin was trading at just $2,600. Ronnie Moas is now predicting that Bitcoin will be worth $50,000 by 2022 with a total market capital exceeding that of Apple’s current $800Billion market capital.

In the interview with CNBC Moas said in reference to the the four favourite stores of value, Gold, Stocks, Bonds and Cash:

“I’m not excited about putting my money in any four of those options right now. If 1% of that $200 trillion finds its way into cryptocurrency in the next 10 years, you will be looking at a $2 trillion valuation, 12x what it is today, and that will drive bitcoin price above $50,000.”

There will be a situation in a couple of years where there are 200 million people around the world trying to get their hands on a few million bitcoins, that is going to drive price to $50,000 – a $1 trillion dollar valuation [of bitcoin] which is less than 15% of what gold is at today.”

Moas also said when asked about Jamie Dimons recent comments that ‘Bitcoin is a Fraud’ that these people are heavily invested in publicly-traded US banks, banks which are “threatened” by bitcoin. He doesn’t expect people to come out and recommend anyone to buy bitcoin, because that hurts their business.

Although such optimism from analysts such as Moas is always welcome we’d suggest this estimate in Bitcoin’s value is likely significantly under valued, we have to remember the total number of Bitcoins is not actually what it says on the tin. it is predicted that by the time the final 21 million Bitcoins have been mined around 1/3 of the total supply could be lost forever through lost private keys. This effectively puts the total supply of Bitcoin significantly lower than the 21 million and therefore price predictions are out the window if there based on total supply.

A modest prediction for Bitcoin by 2022 would be in the region of $125,000 – $150,000, however this assumes Bitcoin remains the dominant crypto, the standard so to speak.

2017-10-24T22:44:08+00:00

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