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Author Topic: [2017-07-05] Bitcoin could nearly double and reach $5,000 soon, says Standpoint  (Read 8010 times)
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July 07, 2017, 07:21:39 AM
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Bitcoin could nearly double and reach $5,000 soon, says Standpoint Research


Stock research analyst Ronnie Moas said he bought bitcoin this weekend and thinks it could reach $5,000 within a year.

"$5,000 could happen in a few months. It's only starting to gain traction right now," Moas, founder of Standpoint Research, told CNBC in a phone interview Wednesday. "It's starting to spread like wildfire right now."

He pointed out that since only 21 million bitcoin can ever exist, increasing demand for the digital currency will naturally drive its price up.

Bitcoin briefly tripled in value this year, hitting a record $3,025.47 on June 11, according to CoinDesk. The digital currency traded Wednesday near $2,600, still more than double its Dec. 31 price of $968.

"This is not something I could keep my hands off of," Moas said. "What would be more painful than losing [money in cryptocurrencies] is not acting."

The research analyst said he invested a few hundred U.S. dollars each in bitcoin, ethereum and another digital currency called litecoin through Coinbase.com. After he releases a 40-page report on cryptocurrencies in the next few weeks, Moas said he plans to invest more in them.

The research analyst's view on bitcoin joins the optimistic views of others on Wall Street. On Sunday, Goldman Sachs' technical analyst Sheba Jafari said in a note that bitcoin could rise as high as $3,915.


Stock research analyst Ronnie Moas said he bought bitcoin this weekend and thinks it could reach $5,000 within a year.

"$5,000 could happen in a few months. It's only starting to gain traction right now," Moas, founder of Standpoint Research, told CNBC in a phone interview Wednesday. "It's starting to spread like wildfire right now."

He pointed out that since only 21 million bitcoin can ever exist, increasing demand for the digital currency will naturally drive its price up.

Bitcoin briefly tripled in value this year, hitting a record $3,025.47 on June 11, according to CoinDesk. The digital currency traded Wednesday near $2,600, still more than double its Dec. 31 price of $968.

"This is not something I could keep my hands off of," Moas said. "What would be more painful than losing [money in cryptocurrencies] is not acting."

The research analyst said he invested a few hundred U.S. dollars each in bitcoin, ethereum and another digital currency called litecoin through Coinbase.com. After he releases a 40-page report on cryptocurrencies in the next few weeks, Moas said he plans to invest more in them.


"In the next 6 to 12 months you're going to have a little bit of a hysteria," Moas said. However, "this has a long, long way to go before it gets to bubble territory."

Moas' reasoning is so little of global capital is in cryptocurrencies right now that the young digital currencies can absorb more of those funds without becoming overvalued.

McKinsey Global Institute estimated that the value of the world's stocks and debt rose to $212 trillion in 2010.

On the other hand, CoinMarketCap data showed the market capitalization of all cryptocurrencies has grown from below $20 billion at the start of this year to about $100 billion, still less than a tenth of a percent of global capital markets. Bitcoin has a market value of about $42 billion, according to CoinMarketCap.

"There will be scams, there will be accounts wiped out, there will be people that get hurt, like every other technology that is going on," Moas said. But "I think the cryptocurrency is here to stay. I think we're in the second inning of a 9-inning ball game."

Many, including some on Wall Street, believe that the blockchain technology behind bitcoin can fundamentally change the way the world operates, just like the internet did.

http://www.cnbc.com/2017/07/05/bitcoin-could-nearly-double-and-reach-5000-soon-says-standpoint-research.html
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July 09, 2017, 06:05:46 PM
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is it some kind of a coincedence,but as soon as any of them guys buy bitcoins in bulk
they start making predictions about bitcoin price and how it will be >9000 very soon  Grin
it could
but it also may not
so it is nothing more than unsubstantiated IMHO or wishful thinking

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July 09, 2017, 07:11:00 PM
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I even didn't finish to read the article. I have heard so many opinions obout Bitcoin's future that I am confused. In my mind I have two options. The first is that Bitcoin will be destroyed by all this ICOs and shitcoins, they are really play a bad role in all bitcoin's idea. The second one bitcoin will raise and the price will be really high, but this will happen only after bitcoin's adoption by several developed ( and not so) countries.
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July 09, 2017, 07:44:57 PM
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The research analyst said he invested a few hundred U.S. dollars each in bitcoin, ethereum and another digital currency called litecoin through Coinbase.com.
Just goes to show how honest projects are getting pushed aside by mainstream news outlets.  They've mentioned Ethereum enough to assume that readers know about it, but have to clarify what Litecoin is despite the fact that it deserves more attention than ETH.

It also shows how little effort this research analyst has put into his decision, since he just bought whatever coins were in Coinbase without considering any of the vast number of cryptocurrencies in existence.

IMO neither CNBC nor the research analyst understand what's they're doing and have got caught up in hype.  It can happen to the best of us.

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