Bitcoin price to double next year, Standpoint Research says

Standpoint Research’s Ronnie Moas has become the latest expert to take a bullish view of bitcoin, expecting the cryptocurrency’s price to double next year. His comments follow those of Goldman Sachs’ Sheba Jafari who said earlier this week that the digital currency could go as high as $3,915.

Bloomberg quoted Moas, who for the past 13 years has made more than 900 stock recommendations via his one-man show at Standpoint Research, as saying in a note to clients this week that bitcoin would double to $5,000 next year, and reach $25,000 to $50,000 in the next decade.
“There are only 21,000,000 bitcoins in circulation and the world will fight over those 21 million coins as confidence in currency and other investments deteriorates,” he said, as quoted by the newswire, referring to the algorithm capping the amount of bitcoin which can be created, adding that he had “little doubt that one percent of the money in cash, bonds, stocks and gold will end up in cryptocurrencies”.

Bitcoin’s price hit $3,000 this year, before subsequently losing ground and fuelling investor worries about a bubble. Moas admitted that he was “only a bit concerned that there may be a near-term bubble,” while noting that the digital currency had the potential to make triple-digit returns in the long term.
CNBC meanwhile quoted data by CoinMarketCap as showing that the market capitalisation of all cryptocurrencies had grown from below $20 billion at the start of the year to about $100 billion. The amount, however, is still less than a tenth of a percent of global capital markets.
Bitcoin’s price has fallen deep into the red today, having shed 1.18 percent to 2,569.67p as of 10:25 BST, according to Google Finance data. The cryptocurrency has lost just under 10 percent of its value over the past month.