Analyst Predicts Bitcoin Price Surge By 80%

Hello Steemians,
It doesn't look like the Bitcoin craze will stop anytime soon, I was busy with work but had a few moment to look at some cryptocurrency news and I got a Coinbase update so decided to share both.

(Beginning Of Report)

The independent stock analyst and founder of Standpoint Research, Ronnie Moas, claims to have been testing bitcoin and digital currencies in the last few months. After announcing that he bought bitcoin back in early July, Moas has now released a full-fledged report on cryptocurrency.
According to CNBC, Moas’ report includes predictions that bitcoin has the potential to rise by 80%, reaching prices around $5000. Notably months before this 122 page report, Moas has made mention that he had bought in Ethereum, Litecoin as well as other significant cryptocurrencies.
In the report, Moas highlights that in his view, cryptocurrency prices will continue rising as they draw funds away from other assets such as stocks and even precious metals. “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,” Bitcoin’s ability to compete with precious metals as a store of value was something the notorious Wall Street analyst Francisco Blanch had considered detrimental for thecontinuation of bitcoin’s boom.

Moas goes on to say within the report that it’s worth taking a shot with bitcoin. In his view, not trying to cash in on bitcoin’s potential would be a missed opportunity as he argues that “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’ predictions on cryptocurrency are overall bullish with his report putting a $5000 price target to bitcoin for 2018 and him expecting litecoin’s and ethereum’s prices to more than double within the next year. This prediction comes in spite of both currencies already having experienced their biggest price rallies within this very year along with bitcoins price more than doubling, close to tripling from January 2017.

Moas also said that he’s preparing a follow up part of his report, in which he’d be putting out details about a smaller cryptocurrency that could rise several hundred percent in value in the not so distant future.

Source: Standpoint Research
Following up, the analyst also claimed to have put money in 10 of the top 20 cryptocurrencies in an attempt to create a diversified portfolio. This -according to him- marks his first time in 20 years that he has put funds into assets recommended by him. Showcasing an astoundingly bullish attitude towards cryptocurrency by stating that in his view “10-15 years from now, the charts on a few of the top 20 names will look like the Amazon, Apple, Tesla, Facebook, Netflix and Google charts look today”.

It’s worth noting that through the past few months, bitcoin has been receiving a lot of attention from major financial institutions and analysts. Several Wall Street analysts have published reports on bitcoin lately. but that’s not all. The US Commodity Futures Trading Commission recently approved LedgerX, a bitcoin derivatives organization, for clearing derivatives.

With bitcoin receiving all this recognition from major parties in the world of finance, Moas sees quite of bit of potential for growth. As he writes in his report, “I have little doubt that 1% of the money in cash, bonds, stocks and gold will end up in cryptocurrencies.” For that goal to be reached though, bitcoin and digital currencies collectively still have a long way to go. As Moas points out, the market for digital currencies will need to increase 25 fold from an $80 billion market cap to be just one percent of the $200 trillion in gold, cash, stocks and bonds.

Moas goes even further with his predictions, to point out that if cryptocurrency became 2 to 4 percent of capital markets, then it would be likely for digital currency markets to grow by 100 percent.

However, within the report Moas also points to risk in the cryptocurrency economy. Hard to predict factors such as hacks and regulation have in the past also caused prices to collapse and to this day continue to pose a risk for major digital currencies. It was also pointed out how the lack of extensive technical support can make it hard and time consuming to get into cryptocurrency.

In closing, the analyst points out that in spite of some great opportunities that even he missed with cryptocurrency, in his eyes, now with financial institutions just recently becoming interested, it is still a good time to buy bitcoin. As Moas said in his own words “I think we are still in the first quarter of a four quarter game and that even though I missed out on significant gains (2014 – 2016), it is not too late to get in.” ......... (End Of Report)

Source credit : George Krash
Cryptocurrency News

Coinbase Update On Bitcoin Cash

Forks enable innovation and improvements to digital currency and we believe that we will see an increasing number of forks in the future. We expect this to be a vibrant and innovative community.

When a digital currency forks, it creates a new digital asset. Adding new digital assets to Coinbase must be approached with caution. Not every asset is immediately safe to add to Coinbase from a technical stability, security, or compliance point of view.

Our top priority is the safety of customer funds and we spend extensive time designing, building, testing and auditing our systems to ensure that the digital asset we support remains safe and secure. We may not always be first in adding an asset, but if we do, you can be sure that we’ve invested significant time and care into supporting it securely. We believe this is the best approach for us to maintain customer trust.

In the case of bitcoin cash, we made clear to our customers that we did not feel we could safely support it on the day it was launched. For customers who wanted immediate access to their bitcoin cash, we advised them to withdraw their bitcoin from the Coinbase platform. However, there are several points we want to make clear for our customers:

Both bitcoin and bitcoin cash remain safely stored on Coinbase.
Customers with balances of bitcoin at the time of the fork now have an equal quantity of bitcoin cash stored by Coinbase.
We operate by the general principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events.
Over the last several days, we’ve examined all of the relevant issues and have decided to work on adding support for bitcoin cash for Coinbase customers. We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.

We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time.

Once supported, customers will be able to withdraw bitcoin cash. We'll make a determination at a later date about adding trading support. In the meantime, customer bitcoin cash will remain safely stored on Coinbase.

---

Thank you for reading and kindly Upvote and resteem