According to stock research analyst Ronnie Moas, Bitcoin could reach $11,000 by 2018.
The founder of Standpoint Research predicted back in July, when Bitcoin was only worth around $3000, that it would be worth over $5000 by the end of the year. When that prediction was achieved only a few months later, Ronnie corrected his prediction to $7500 and now he’s making one final prediction for 2018. The thought that Bitcoin could rally over $11,000 by years end may be optimistic but based on his previous predictions there is high degree of probability of this coming true and many analysts agree.
Last week the Price of Bitcoin rallied to over $7500 and is currently holding at around $7,200 per coin. With the possibility that The CME (Chicago Mercantile Exchange may bring corporate interest and investors may be fueling the Bitcoin market and propelling the price above that $10,000 mark. “Every day more and more headlines are hitting the newswires on crypto” and “More countries are embracing it and the few obstacles that were standing in the way are falling down like dominos” Ronnie wrote in an email to clients. Regardless of what happens there is no denying that Bitcoin has had an amazing year and the possibilities are endless. The more media attention, and newsworthy Bitcoin becomes the more interest it will garner propelling it towards a 5 digit number.
Moas also went on to claim that Bitcoin will continue to grow with about 5% of the world population investing in digital currency within the next 10 years. Currently there are 10 million users of cryptocurrency and estimated to grow to between 50-100 million within the next few years. The Bitcoin supply and demand imbalance clearly tends to support these predictions and further silence the critics and skeptics.
Bitcoin recently faced harsh criticism from investors like Warren Buffett, and JPMorgan CEO Jamie Dimon who think that Bitcoin is “very clearly in a bubble”. Moas had this to say to his critics:
“What would we expect them to say?” he wrote. They’re “heavily invested in the publicly traded U.S. banks that are threatened by cryptocurrency. Bitcoin is not a scam and it is not in a bubble. You are more likely to find scams and bubbles in the U.S. stock market.”
Regardless of what happens over the next two months there is no denying that Bitcoin has had an incredible year and the future is looking very promising for the digital currency leader. Despite harsh criticism and opposition from major investors Bitcoin has rallied like very few could have predicted. If this trend continues it will be just a matter of time before major investors cash in and Bitcoin becomes mainstream.