Ronnie Moas, a respected market analyst at Standpoint Research projects the Bitcoin (Bitcoin) to hit $11,000 in 2018, Cryptocoins News reported.
He believes that recent announcements such as the introduction of Bitcoin futures contracts by derivatives exchange operator CME Group (NASDAQ: CME) will accelerate the pace of global Bitcoin adoption ahead of his already-bullish target.
“Every day more headlines are hitting the newswires on crypto,” Moas wrote in a note emailed to clients. “More countries are embracing it and the few obstacles that were standing in the way are falling down like dominoes.”
Moas does not think Bitcoin will stop there. He expects that within 10 years at least 1% of all capital – an estimated $200 trillion – will move into crypto assets, raising the total cryptocurrency market cap tenfold to $2 trillion. Assuming Bitcoin holds a 50% market share, the Bitcoin price would be roughly $50,000, according to his conservative estimate.
His aggressive crypto market cap target is 2% within 5 years that would put the industry at $4 trillion dollars and Bitcoin would be at 2 trillion.
“The price would then be $120,000 and only 25% of where the gold market is today. Many people believe that Bitcoin will eventually catch up to gold ($8 trillion) and I would not argue with that. $8 trillion would get Bitcoin to $500,000.”
Recent criticism of Bitcoin by some entrenched financiers does not deter Moas from his positive outlook.