Ronnie Moas, who accurately predicted the surge in Bitcoin in June, says the rocket ride the cybercurrency has seen this year is just the beginning—and that the end-game on Bitcoin is the $300,000-$400,000 range.
This summer, Moas predicted Bitcoin would hit $5,000 by the end of the year. That seems ridiculously conservative today, as the digital currency closes in on $19,000, but at the time (when Bitcoin was trading at just $2,600), it was viewed as wildly optimistic.
Moas, the founder of Standpoint Research and an independent analyst, says the hard limit on supply is what will drive demand so much higher than it stands now.
“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,” he told CNBC’s The Rundown. “This mind-boggling supply and demand imbalance is what is going to drive the price higher.”
While Moas is one of Bitcoin’s biggest bulls, there are plenty of bears in the analytical world as well, many of whom are increasingly worried about the impact of the Bitcoin bubble.