Bitcoin to $50,000 Is Latest Call From Prolific Stock Picker

Ronnie Moas, who for the past 13 years has made more than 900 stock recommendations via his one-man show at Standpoint Research, is now venturing into cryptocurrencies.

Bitcoin will 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,” Moas said.

Bitcoin has more than doubled this year to as high as $3,000 as adoption increased, more institutional investors backed blockchain technology and the second-biggest digital currency, ether, started to become popular in fundraising rounds for tech startups. Bitcoin slid to as low as $2,544.40 today from its high on June 12 on concern that digital currencies can’t reach wider acceptance fast enough and that their gains have been overdone.

Moas says he’s “only a bit concerned that there may be a near-term bubble,” but long term, there’s the potential to make triple-digit returns.

Source: Bloomberg

Trader Bozhidar Arabadzhiev

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