Bitcoin Will Hit $20,000 Within Three Years
This is not a prediction from me but from Ronnie Moas, a Standpoint Research founder and analyst. He fore casted that Bitcoin will reach a value of about $20,000 by late 2020. So far, with the current level of bitcoin and its upward trend, which is still hovering around $4,500, Bitcoin has now been estimated to be worth about 3 ounces of gold.
This same Moas has predicted around July that Bitcoin will reach $5,000 in few months time and Ethereum will double this year. In case you do not know him pretty well, he predicted 1987 Stock Market Crash.
He also mentioned that the total market capitalization of all virtual currencies will escalate from $150 billion we have today to $2 trillion in the next 10 years comparing the exceptional performance of the digital currency market to the “dot-com boom” of the 1990s.
Do you guys see any possibility of this happening?
Viewing pricing through the Market Cap model is the only way to justify the valuations thrown around. Is that the correct way to do it? Only time will tell. Currency, if that is what btc is, is difficult to value and judge. As a store of value, then you are comparing to the gold market. Again, does it make sense to look at market cap? Perhaps. Only time will tell.
The bottom line is cryptos are a new world and btc is still the leader. What that does to the price in the future is up for discussion. I think once the big money (read institutions) starts rolling in, BTC will benefit greatly since it is a known name.
I think this space is going to continue attracting investors for the next few years at least, and hence maintain the bullish trends in the near future.
Longer term the outlook is also good in my opinion. However it doesn't take a crystal ball to foresee a huge pull out (especially from Altcoins) once the bubble pops.
I'm going to start thinking very carefully about liquidating my investments in about a year, especially from Altcoins, so I have capital available to invest post-bubble pop.
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