"In my view, the genie is out of the bottle, and cryptocurrencies will continue to rise and take market share away from stocks, other precious metals, bonds and currencies," Moas, founder of Standpoint Research, said.
"I think investors should take a shot on this and hold for a few years. If you lose a few bucks, at least you took a shot," he said. "In life, you miss every shot that you do not take. It will probably be more upsetting to watch it (from the sidelines) go up another 1,000%."
Moas gave bitcoin a $5,000 price target for 2018, reflecting nearly 80 percent upside from Monday's price of about $2,800. He also expects rival digital currency ethereum to more than double in value from just under $200 to reach $400 in the next year, and another digital currency, litecoin, to double from about $40 to $80.
BTC hit a record $3,025 in mid-June, fell to $1,837 in mid-July, before recovering about $1,000 to trade near $2,800 on Monday, according to CoinDesk.
Fundstrat co-founder Tom Lee became the first major Wall Street strategist to publish a report about bitcoin on July 7. Less than a week later, Switzerland's financial market regulator authorized the Falcon Private Bank to manage bitcoin for clients.
Source: Bloomberg Pro Terminal
Trader Bozhidar Arabadzhiev
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