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Bitcoin Bull raises its Bitcoin price target to $ 11,000

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Bitcoin bull Ronnie Moas raised his Bitcoin 2018 price target to $ 11,000.

Moas, a respected market analyst at Standpoint Research, believes that recent announcements such as the introduction of bitcoin futures by currency exchange operator CME Group will accelerate the pace of global adoption bitcoins before its already bullish target.

"Every day, more and more titles hit news agencies on crypto," wrote Moas in a note sent to customers by email. "More and more countries are adopting it and the few obstacles that stand in the way are falling like dominoes."

This is not the only time Moas has raised its Bitcoin price target in recent months. Earlier this year, he set a price target of $ 5,000 for bitcoin, which he then raised to $ 7,500 in the third quarter. Now, as the bitcoin price approaches this revised target, he has written a note to Standpoint customers to inform them that he believes the Bitcoin price will reach $ 11,000 by 2018.

But Moas does not think Bitcoin will stop there. It expects that in 10 years at least 1% of all capital – about $ 200 trillion – will move into cryptographic assets, which will multiply the cryptocurrency ceiling to $ 2 trillion. dollars. Assuming that bitcoin holds a 50% market share, the price of bitcoin would be around $ 50,000. That's his conservative estimate.

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My aggressive crypto capitalization goal is 2% in 5 years, which would put the industry at $ 4 trillion and bitcoin at $ 2 trillion (if it holds 50% of the market "," continued Mr. Moas. "The price would then be $ 120,000 and only 25% from where the gold market is today. Many people believe that Bitcoin will eventually make up for gold ($ 8 trillion) and I would not argue with that. $ 8 trillion would get bitcoin at $ 500,000. "

Bitcoin not a bubble

Elsewhere in the note, Moas addresses the litany of recent criticisms of the entrenched financiers. Although Goldman Sachs general manager Lloyd Blankfein declared himself "open" to bitcoin, other big investment bankers were much less accommodating. UBS has called the market a "speculative bubble," while Jamie Dimon, director of JPMorgan, has described it as "fraud" outright.

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Moas writes that these critics do not dissuade him from his positive attitude.

"What should we expect from them what they say?" He wrote. They are "heavily invested in publicly traded US banks that are threatened by cryptocurrency – Bitcoin is not a scam and it's not a bubble." You're more likely to find scams and bubbles on the US stock market. "

Image from Shutterstock.

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