Expert Predicts Bitcoin Could Reach $20,000 Within Three Years
… by cannibalizing gold
TLDR; Ronnie Moas, founder of Standpoint Research, spoke with CoinDesk about his predictions for bitcoin and the entire crypto market. He foresees a major boost as opposed to a bubble burst.
Business Insider executive editor Sara Silverstein discusses a recent research note from Fundstrat’s Tom Lee says bitcoin could be a true substitute for gold and cannibalize some of the $7.5 trillion market. Lee estimates the cryptocurrency could be worth $20,300 by 2022. This estimate is based largely on the assumption that bitcoin can increase its share of the “alternative currency” market, which is mostly gold, from 0.7% to 5%.
Bitcoin is on an ever-upward trend lately. Today, the world’s first and most popular cryptocurrency is flirting with $4,500 in valuation. Bitcoin is now more than three times more valuable than gold., and, according to one expert, Ronnie Moas of Standpoint Research, we are still only at the tip of the iceberg.
Moas spoke with CoinDesk about his forecast for the cryptomarket. He predicts that all cryptocurrencies will be worth $2 trillion in the next 10 years, a significant bump from their current standing at $150 billion. Moas sees a direct parallel between the crypto market and the “dot-com boom” of the 1990s.
“I am not any more concerned with bitcoin being at a record high than Amazon or Google investors were concerned when those share prices jumped hundreds of percent and hit $100 and $200 many years ago. Today, both of those stocks are above $900. The question is not where we are at — it is where are we going? I do not think we are in a bubble.”
Others, like Peter Schiff, an investor who predicted the 2008 mortgage crisis, see bitcoin and other cryptocurrencies as existing in a bubble and as a Ponzi scheme built on “just plain greed.” Still, there is no way to know which way this market will go as no one has yet invented a way to see into the future.
Disclosure: Several members of the LiketheFuture team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.