Investor Ronnie Moas shares his opinions on Bitcoin’s future, with a particular emphasis on the currency’s many forks.
‘Prolific’ stock picker Ronnie Moas has had success with Bitcoin price predictions this year. From $2000 to $5000 and $7500 – all of these have come true for the investor who was earlier than most in the financial realm to advocate for cryptocurrency propagation.
Now, with an increasingly large number of subscribers eager to get his insight on what’s next, Moas is delivering more surprising advice. Holding on to Bitcoin forks is among his recommendations for cryptocurrency success going forward, something which may well upset some of the more die-hard Bitcoin Core supporters.
In an interview with Cointelegraph, Moas shared more about his perspective on prices, forks and Wall Street’s entry into the market in the form of CME Group’s futures trading next month.
Cointelegraph: The investment community is still split regarding even Bitcoin’s short-term price prospects. Where do you stand in regard to the next 6-12 months? How much optimism (or pessimism) is overkill?
Ronnie Moas: In the next 6-12 months I expect that Bitcoin will make a push towards $15,000 (and possibly $20,000). I look at the ‘Bitcoin price’ as Bitcoin plus Bitcoin Cash plus Bitcoin Gold… by that calculation we [have already] hit $10,000 … up from $2,570 when I recommended Bitcoin in early July.
This is not a bubble and it is not irrational exuberance. Bitcoin is currently trading 80%-90% below where I think it’s going in the next five years.
If 1% of the $200 trillion currently in stocks, cash, gold and bonds [all overvalued] worldwide ends up in Bitcoin, then Bitcoin will hit $125,000. An argument can be made that Bitcoin will eventually catch gold at about $250,000-$500,000 per coin. At what exact point they cross depends on how many years it takes and where gold trades at the time.
CT: What is your approach to the Bitcoin Cash phenomenon and its future? How do you see future fork attempts playing out?
RM: I strongly advise people to hold on to the spin-off coins Bitcoin Gold … and especially Bitcoin Cash. I think people learned their lesson a couple of weeks ago when Bitcoin Cash jumped by 150% in 48 hours while Bitcoin corrected by 20%. I am a strong believer in diversification.
CT: How would you assess the impact of CME Group’s Bitcoin futures debut next month?
RM: The move by the CME is significant in that it is a stamp of approval of sorts on Bitcoin and cryptocurrency which now has a [300] billion dollar valuation – that is more than Goldman Sachs, Starbucks and General Motors… combined!
Anyone who is looking for a bubble should not be looking towards the top 20 crypto names… they should be looking towards the stock market as most names are now trading at (or above) 20X earnings.
Not only does the CME stamp serve as an endorsement of sorts – it also brings us one step closer to getting an ETF on Wall Street.
Once that happens, institutional money will start pouring in and retail investors will now be able to invest in crypto without worrying about opening up accounts on foreign exchanges and worrying about how to protect their accounts – which most people have difficulty figuring out how to do. In my opinion the floodgates will open in 2018.
CT: Which other cryptocurrencies are you a fan of based on technical robustness?
RM: I prefer for people to sign up for my service if they want my recommendations outside of Bitcoin. I have quite a few and I don’t really like to give out my recommendations for free because then my subscribers get upset. Some names that I recommended doing well for my clients include but are not limited to Litecoin, Bitcoin Cash, Dash, Monero and Stellar Lumens.
