Stock analyst and founder of Standpoint Research Ronnie Moas predicts Bitcoin (EXANTE: Bitcoin) price rise above $50,000 in the next decade and overtake Apple’s $800 billion market cap within five years, Cryptocurrency News reported.
Earlier this year Moas predicted Bitcoin price to hit $5,000 within a few months at a time when the cryptocurrency was trading near $2,600. Now, the stock picker has hedged his bet on the cryptocurrency market to hit $2 trillion in the coming years that will effectively see Bitcoin rise to 12x its price today above $50,000.
Moas said “people need to start taking this seriously because today Bitcoin caught up with Goldman Sachs and is going to catch in five years.”
“There will be a situation in a couple of years where there are 200 million people around the world trying to get their hands on a few million Bitcoins,” Moas said in an interview with CNBC’s “Capital Connection.”
“That is going to drive price to $50,000 – a $1 trillion dollar valuation of Bitcoin which is less than 15% of what gold is at today,” he explained.
Moas added that out of the 1,000 or so cryptocurrencies that are currently in existence, he is focusing only on the top 20 names that account for more than 90% of the total market value. A majority of the rest are "pump-and-dump scam operations," he said.