Standpoint researcher Ronnie Moas raised his price target for bitcoin from $5,000 to $7,500, according to CNBC. Moas raised his price target after bitcoin reached the new all-time high this weekend.
Moas his belief that hedge funds and more traditional investors are just starting to invest in bitcoin. Many expect that the CFTC’s decision to authorize the creation of the first clearinghouse for bitcoin options and swaps will hasten adoption by hedge funds and other more sophisticated traders.
"What's happening is the floodgates are opening," Moas, founder of Standpoint Research, said in a phone interview with CNBC on Monday.
"I believe there are hedge funds and very deep-pocketed individuals going into this now, really hundreds of millions of dollars."
The longtime stock analyst first explained his bullish case in a research report published last month.
Moas also believes that central banks will soon discover bitcoin’s usefulness as a reserve asset.
As institutional investor interest in bitcoin grows, Moas expects digital currencies to become part of "strategic reserves" and "asset allocation models in the near future." He also said people in foreign countries will likely want to buy digital currencies as a more stable alternative to their national currencies.
"You can't look at this as a normal situation," he said. "We're in an industry that will probably go from $140 billion to $2 trillion and the bitcoin price will probably move with that."
Amazingly, Moas claims 100% of his investments are in digital currencies, with the majority in bitcoin and Ethereum, according to CNBC.
Moas call comes on the heels of Goldman Sachs' chief technician Sheba Jafari increased her forecast for Bitcoin to over $4800...
Now that the market is getting closer to reaching this level, it’s going to be important to take note of any/all signs of trend exhaustion.
There is of note a 2.618 extension which runs as far as $4,827.
Once a full 5-wave sequence is in place, the market should in theory enter a corrective phase.
This can last at least one third of the time it took to complete the preceding advance and retrace at least 38.2% of the entire move. From current levels, that would measure out to ~2,221.
Finally, we note Moas' conclusion that, if anything, his estimates are conservative.
"Any way that I look at these numbers, my forecasts are looking conservative. It looks to me as though we are at the same point in the adoption curve as we were in 1995 when we went from one million internet users to ten million. The following year the Netscape browser came online and we went from 10 million users to hundreds of millions of users overnight.
I expect that within a couple of years we will have between 50 and 100 million cryptocurrency users -- up from approximately ~10 million today. We only have 0.15% market penetration right now -- if that goes to 2% or 3% we will get to the $50,000 price target that I set at the beginning of July."
Moas maintains his view that the digital currency could reach $50,000 by 2027.
Source : http://www.zerohedge.com/news/2017-08-14/floodgates-are-opening-standpoint-predicts-bitcoin-hit-7500-goldman-raises-outlook
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Thank you @zer0hedge for sharing, upvoted of course! I need your thoughts on this article because you're one of the few 'hybrid' (crypto and stocks) investors on Steemit. Can you please read it for me and let me know what you think about it.
Moon I say! Nobody need actually buy any bitcoin for price to go up, If Goldman and all say it's going to 7500$ nobody will want to sell at 5k , price is psychological.
Great article and I've been wondering when the big players will enter the fray. The last move was primarily just BTC and a few alts while the market in general got left behind, which was a drastic change from the past as the market seemed to move together. I wonder if we'll have more of the same or if substantial monies will trickle down to other alts.
Bitcoin Steady in Face of World War Three , i think soon we will se bitcoin over then 8000 $
yes web bot said BTC will go from $3000 to $4000 SO fast we wont be able to buy any in between and it basicaly did that!
And then web bot said that it wil now go straight to $8000 YUP thats right!
And next it will then go to $40,000 and then DROP $5000 freaking everyone out then theyll ralise it only droppd from $40,000 to $35,000 and the southeast asians and inians will then buy it as a "bargain" then its on its way to 4100k
Way to go digital currency. That really is so high for this
weekend indeed ...
We should see prices around $4500 or so by tonight :) I just did a price forecast today and put a little bonus information in the comments ;)
Oh yes they are! Bitcoin is the gateway drug also to many altcoins!
But steem has a secret weapon of advertising, we will never had separate ads because they cannot be programmed into very steem explorer lik if steemit.com adds ads then u could just use @chainbb or busy.org so the REAL way to advertise on steemit if ur an advertiser and u want to reach this many people, is u buy steempower and make a post and self upvote it to the top (or use multipl seperate acounts to make it seem like the main account built up many followers all having a pice of teh steempower ur buying, so u can get ur posts to the front page of trending all the time, but for on ad, u can buy steempower, either use the PROMOTE featue OR you can just UPVOTE it YOURSELF using the steempower you had to buy to get it to the top!
This would force the price of steem up if peopel had to buy steempower!
Look facebook is 200 billion marketcap, so social media CAn become a machine that generates hudnerds of billions! Steem is around 200 to 300 million dollars marketcap (has gone to 70 million this year before so its close to 1 billion) and since facebook can get to 200 billion, WE can go from 200 million 41 stem to 200 BILLION $1000 stem! its no problem for steem to go up 1000 times! For bitcoin to go up 1000 times it would need to be worth something like 70 trillion Us dollars but bitcoin woul be around 4 million U dollars per BTC, thisis TOTALLY possible! 70 trillion is NOT that big for a GLOBAl asset class! the GLOBAl fiat money supply is probobly MORE than 60 trillion! The Rothschild and Rockefelrs are estimated to have around 200 and 400 trillion US dollars worth of "dark wealth" hidden secret wealth in teh form of real estate and companies under other people's names etc....derivativs market is estimated to be in the Quadrillions...maybe half a quadrillion but maybe 5 quadrillion because 5 quadrillion is a VERY special number....it is the Estimate of ho much everything on the planet earth is worth, and so it makes sense for the global banking elite to simply LEVERGE the ENTIRE PLANET that they belive they won, and cash in on it using dervivatives!
I also heard the Japanese Forex market is a "200 trillion dollar market" so its safe to assume there are MOR than 60 trllion US dollars worth of assets on the planet, and remember, you dont need to use CASH to buy Bitcoins...you can sell a HOUSE for bitcoin...you can sell OIL or GOLD for bitcoin....its estimated that about 250 trillion dollars worth of Business Assets exist on earth and also about 250 trillion us dollars worth of REAL state exists on this planet...together thats half a Quadrillion US dollars worth o stuf right there! and thats all stuf peopel can exchange and sell and buy, I hopeyoure all starting to see the bigger picture because i am i had to write this all down just to understand it myself!
5 quadrillion dollars is total wealth estimated to be on earth, which means oil or gold that is YET to b extracted! But once it IS extracted, for example Oil, you sell for dollars now but soon oil will be sold for bitcoin, this will allow Bitcoin to not just be bought with Fiat paper dollars but also OIL, and then GOLD will come out of the groudn and b used, man noo e will even use the US dollar anymore, why would you? And the governments will try to use force of course IF theyre stupid
I HOPE they get wise and start buying BTC now, bcause the global banking cartel will get SO butthurt when they realize people will be using bitcoin to buy Oil and Gold that Im afraid of what theyll do! Its why i hopethey juisyt buy some bitcoin nw so thre isnt some violent power struggle when bitcoin si so valuable that we are able to buy up all their companies and assets
Anyway my frind @uncerntropy gave me the idea that the US government and central banks and federal reserve etc wants people to buy Bitcoin but they dont want people to take money out of stocks to buy it, they want people to sell silvr and Gold to buy their bitcoin! 9Thus further hlping to push down gol and silver LOL but I know godl and silver are a bad investment because of the fact the FACT that we are going to be mining gold and platinum and silver from ASTEROIDS which will have SO much gold theyl inflate the gold supply uintill gold is $100 an ounce! It will still be valuable and used in lectronics medicine etc but wont be a good store of value or invstment! I am not even convinced now that gold or silvr is even manipulated, i think were just mining more gold than peopel want to buy and its supply and demand! Gold and silvr bugs just get mad that they bet on the wrong hporse and could have become millionaires by now with bitcoin, but they retreat into this weird spiritual love of the metal istefl, asif they dont CARE about the price not going up anymore, they like it for the HISTORY or something which is all just a coping mechanism o comfort thmselvs for making a bad invsment decision! Yes gold has ben used for 6000+ years as solid money...but guess what? They idnt have the internet and computrs for 6000 years...untill juyst now...so yeah things are all different now....its not the last 6000 years...peopel have done a lot of stupid things for 600 years as well....theres plenty of things people do for thousands of years andit doesnt mean its a sign of 'stability:" or anything but hey go ahead buy gold and ignore the MASSIVE gains in bitcoin
the fact that peopel hold gold when you can sell uit and buy bitcoin, its crazy! its just scizophrenic to be an investor and claim u ant to make money and then prupsoefully LOOSE money just to hold gold bcause its "tangible"
what if we are in a siimulation and we wake up to find out the ONLY real "tangible" money in our livs AT ALL wasthe Bitcoin and steem and crypto currency that was all backed up my our simulation game masters, and whoever had BITCOIN in their simulated life, will have it OUTSIDEtyhe simulation while ALL that "physical" gold or ral estate was ALL just fake 0s and 1s inside a computer simulation, and ONLY the bitcoin was real! hahaha everything would be flipped! And honstly thats how it is! the "physical" paper fiat money is FAKE and the "imaginary" non physical "untangible" bitcoin is the REAl money!
Anyway my friend @uncerntropy writes about the fed and godl and the real plan to simply get people to have to always cash out of bitcoin to spend them! they dontw ant people buying bitcoins by selling stocks! and they will have to eevntualy allow people to buy stocks directly with bitcoin and phase the dollar piut and repolace it WITH bitcoin or a similar crypto currency
Let' hope this isnt a moment of "irrational exuberance" on behalf of the forecasters.