Stock Markets Analyst Sees Bitcoin Hitting $20,000 within Three Years

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Standpoint Research founder Ronnie Moas recently restate his bullish take on bitcoin, and said that he sees the cryptocurrency’s price reach $20,000 in the next three years as, according to him, we are still only at the tip of the iceberg.

In fact, Moas predicts that the bitcoin’s market cap will reach as much as $2 trillion in the next 10 years, a very bullish prediction taking into account today’s $161 billion. Behind his forecast is, per his own words, a direct parallel between the cryptocurrency market and the “dot-com” boom of the 1990s. He notably stated:

“I am not any more concerned with Bitcoin being at a record high than Amazon or Google investors were concerned when those share prices jumped hundreds of percent and hit $100 and $200 many years ago. Today, both of those stocks are above $900. The question is not where we are at — it is where are we going? I do not think we are in a bubble.”

According to CoinDesk, to get to the $2 trillion market cap, Moas starts by looking at the $200 trillion currently invested in global capital markets. He believes stocks are overvalued as, according to him, three-quarters of the names in S&P 500 are trading above the threshold of 12 times their earnings. Plus, he added that we haven’t seen a correction in the stock market in over a year and a half.

Moas also pointed out that, for most people who don’t have access to the U.S. dollar – which has been losing value – the case for cryptocurrencies is very compelling. The market analyst used Venezuela, a country in which people survive government failures thanks to bitcoin and other cryptocurrencies, as an example.

source
https://www.cryptocoinsnews.com/stock-markets-analyst-sees-bitcoin-hit-20000-within-three-years/