Seasoned stock picker Ronnie Moas, who has made more than 900 stock recommendations in the past 13 years, said that Bitcoin price will increase by twofold up to $5,000 in 2018, and will hit a staggering $25,000-50,000 in the next ten years.
As discussed in his one-man show at Standpoint Research, Moas, however, claimed that his forecast is for informational purposes only, Bloomberg reports.
Equity investors taking notice
Moas’ prediction is one of the testaments of the growing popularity of digital currencies in investment world.
In fact, equity investors who have had no previous involvements in cryptocurrencies are now beginning to evaluate and bet on such cryptocurrencies such as Bitcoin, Litecoin, and Ethereum, as well as other Blockchain assets.
Bullish about Bitcoin
The price of Bitcoin has already increased by over twofold and hit a peak of USD 3,000 during January - July 2017. The reasons behind it include its growing adoption in the commercial market and the support by an increasing number of financial institutions.
Part of Moas’ report on Bitcoin read:
“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. I have little doubt that 1% of the money in cash, bonds, stocks and gold will end up in cryptocurrencies.”
Potentially hitting triple-digit returns
Meanwhile, the second-largest cryptocurrency, Ethereum, has also shown an increasing popularity among investors during the fundraising rounds for tech startups or ICOs with its price likely to hit $1,000, according to Aragon Co-founder Luis Cuende.
Moas, however, claimed that there is a possibility of a “bubble” in the cryptocurrency market in the near term.
In the long term, however, the seasoned stock picker and analyst maintained a very bullish outlook, stating that there is a potential of achieving triple-digit returns.