An analyst who previously predicted the rise of cryptocurrency and worldwide payment system Bitcoin now foresees it to become the most valuable currency in the world.
As of recent years, Bitcoin has steadily moved up in value and exploded from $1000 to its current value of $18,969 in 2017. Among the very few people who predicted the sharp rise in the value of the cryptocurrency, Ronnie Moas of Standpoint Research was one of the most prominent. Moas has now taken his belief in Bitcoin as far as to envision the currency to reach the value of $400,000 to become the most valuable in the world.
In an interview with CNBC, Moas stated that Bitcoin will surge past $20,000 and will continue its meteoric march to eventually be valued at six figures.
"Bitcoin is already up 500 percent since I recommended it in the beginning of July, and I'm looking for another 500 percent move from here," said Moas, who describes himself as a "one-man operation" based in Miami. "The end-game on bitcoin is that it will hit $300,000 to $400,000 in my opinion, and it will be the most valuable currency in the world."
Moas initially put a $5,000 price target on Bitcoin over the summer, when the cryptocurrency was still valued at $2,600. The analyst's comments came as the CME, the world's largest futures exchange, launched its own Bitcoin futures contract. The Cboe did the same earlier this month.
Moas further predicts that in two years time, there will be around 300 million people in the world looking to get their hands on a few million Bitcoin. According to him, the imbalance in supply and demand is what is going to drive the value of Bitcoin higher.
However, not everyone agrees with Moas' prediction for Bitcoin. Vice President of Wealth Management at Singapore-based bank ECBC believes it is a risky investment saying he does not see strong fundamental drivers for the rally.
