Price of Bitcoin may reach to $15,00 or even $20,000 in the next 36 months form the current all-time-high of almost $4,500, independent research analyst Ronnie Moas thinks.
Quoted by CoinDesk, he said that Bitcoin’s price could double twice in three year’s time.
Only in the past 12 months Bitcoin has increased in value from $571 at the end of August 2016 to almost $4,500 in mid-August 2017, prompting some commentators to define it as a “bubble” and a Ponzi scheme.
Earlier in August, Moas who is the founder of investment consultancy Standpoint, published a report, saying that “1% of the $200 trillion dollars currently in stocks, bonds, cash and gold around the world — will find its way into crypto in the next 5-10 years”.
Quoted by CNBC, he said that he had started covering cryptocurrencies after investing in Bitcoin, Litecoin and Ethereum.
At the end of July, CNBC said that Moas had predicted that the value of Bitcoin may go up to $5,000 in 2018.
In addition, he expected Ethereum to reach $400 and Litecoin to go up to $80. Both coins have increased significantly in value since he made the predictions, flirting with $350 and $63 respectively.
100 Million Crypto-Users?
Moas sees a lot of similarities between the crypto world and the .com bubble in the beginning of the 2000s. However, he used the .com bubble analogy to confirm his bullish position as far as cryptocurrencies are concerned.
“Many did not want to ‘chase’ Internet stocks after the number of Internet users jumped from 1 million to 10 million because it had already made a 1000% move”, he said in his report.
“Look what happened since we broke through the 10 million mark on Internet users! It has jumped by more than 100X. The number of cryptocurrency users has also recently jumped 1000% — from 1 million to 10 million. I can only imagine where that number will be a few years from now. My guess is that it will be at least one hundred million — including institutional investors, governments and corporate accounts”, he thinks.