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An analyst who previously predicted that the price of bitcoin would reach $ 5,000 this year, is once again optimistic Apple's $ 800 billion market capitalization of here five years.
In early June, Ronnie Moas, stock market analyst and founder of Standpoint Research, predicted that the price of bitcoin would reach $ 5,000 in a few months, at a time when cryptocurrency was trading at nearly $ 2,600 . Now, the stock picker has hedged its bet on the cryptocurrency market to reach $ 2 trillion in the coming years that will actually see bitcoin rise up to 12 times its price today greater than $ 50,000
In an interview today with CNBC's "Capital Connection," Moas highlighted $ 200 trillion in global combined gold, stock, bond and cash markets. All that he would be fleeing, for bitcoin.
I am not enthusiastic about putting my money in any of these four options at this time. If 1% of that $ 200 trillion ends up in cryptocurrency in the next 10 years, you're going to look at an estimate of $ 2 trillion, 12x what it is today, and that will drive the bitcoin price above $ 50,000
"You have an amazing supply-demand equation here, and there will be a situation in a few years when there are 200 million people around the world trying to get their hands on a few million bitcoins," he said. -he explains. "This will drive the price to $ 50,000 – an estimate of $ 1 trillion [of bitcoin] that is less than 15% of what gold is at today."
Moas was questioned about recent criticism of JPMorgan chief Jamie Dimon, who described Bitcoin as "fraud" and billionaire Saudi investor Prince Alwaleed bin Talal, who said Bitcoin would "implode" like Enron.
The stock market analyst said that these critics are "heavily invested in US listed banks," banks that are "threatened" by bitcoin.
So, I do not expect these people to go out and recommend [anyone] to buy bitcoin, because that is harming their business.
Moas added that 95% of 1000+ cryptocurrencies are pumping and dump scam operations, similar to the dot-com bubble of the 1990s. It focuses only on the 20 most important cryptocurrencies, which account for more than 90% of the total market capitalization of cryptocurrency. At the time of publication, the total market capitalization of crypto amounts to $ 170 billion, according to data from Coinmarketcap.
Moas continued to add, bullish:
People must start taking this seriously because today Bitcoin has caught up with Goldman Sachs. In five years, Apple will catch up with Apple, which has a market capitalization of 800 billion dollars.
Image from Shutterstock.