$40,000 Remains the Bitcoin Target

$40,000 Remains the Bitcoin Target
The founder and director of Standpoint Research, Ronnie Moas, who foresaw bitcoin’s incredible rise this year, says the price of the world’s leading cryptocurrency will reach $400,000 one day.

“The end-game on bitcoin is that it will hit $300,000 to $400,000 in my opinion, and it will be the most valuable currency in the world,” the independent research analyst said, as quoted by CNBC.

Earlier this year, Moas predicted an 80 percent upside for bitcoin, giving a $5,000 price target for 2018. At the time, the analyst also projected bitcoin’s rivals ethereum and litecoin to than double in value next year.

Since then, bitcoin surged to $20,000 per token, marking more than 700 percent increase since the beginning of August, when the prediction was made. At the same time, ethereum jumped 300 percent to $715 with litecoin increasing to $313, marking an 800 percent growth.

The new bullish forecast came as one of the world’s largest futures exchange CME launched bitcoin futures contracts. Another exchange, the Cboe did the same a week ago.

According to the researcher, the bitcoin rally is boosted by the idea that only 21 million digital tokens can ever exist with rising demand for it naturally driving the price.

“I don’t know how much gold there is in the ground, but I know how much bitcoin there is, and in two years there will be 300 million people in the world trying to get their hands on a few million bitcoin,” Moas said.

The world’s most valuable cryptocurrency bitcoin can quadruple in price from the current record high of $10,000 in the next 13 months, predicts former Fortress hedge fund manager Michael Novogratz.

Bitcoin could be at $40,000 at the end of 2018. It easily could,” Novogratz told CNBC.

On Monday, the digital currency smashed the $10,000 mark on South Korea’s Bithumb, one of the world’s biggest exchanges for cryptocurrencies. Bitcoin started the year at below $1,000 and has since jumped more than ten-fold.

According to Novogratz, by the end of 2018 bitcoin’s rival ethereum “could be triple (from) where it is as well.” Ethereum also reached a record high of $493.40 on Monday, gaining almost 6,000 percent this year.

The investment guru claims that “probably over 20 percent” or “maybe even 30 percent” of his net worth is in cryptocurrencies, split roughly in half between bitcoin and ethereum.

The total market capitalization of all digital coins according to CoinMarketCap hit over $300 billion this week. Novogratz expects that to increase by about six times to $2 trillion by the end of next year.

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S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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