Blockchain Daily

Bitcoin predictions: could hit $400k

Bitcoin predictions: could hit $400k

Ronnie Moas has been making bitcoin predictions all year… and they keep coming true.

Moas’ has a great track record of bitcoin predictions

Back in the summer, when bitcoin was sitting at just over $2,500, he predicted it reaching $5k. Then, though it seems a long time ago but in just November we reported on statement made by Moas to his clients saying that bitcoin would reach $14k. It was only a couple of weeks later that bitcoin well surpassed that value and hit its all time high of nearly $18k.

Now, Moas has spoken to CNBC about his new bitcoin predictions.

“Bitcoin is already up 500 percent since I recommended it in the beginning of July, and I’m looking for another 500 percent move from here… The end-game on bitcoin is that it will hit $300,000 to $400,000 in my opinion, and it will be the most valuable currency in the world.”

Why does he posit a $400k value?

Moas puts this all down to supply and demand. There are only ever going to be 21 million bitcoins that can be mined. Most world currencies track against gold, however archaic that my seem. Gold, of course, also has a finite supply but without gutting out the planet we’ll never know how much there is.

That’s Moas’ argument too. He said: “I don’t know how much gold there is in the ground, but I know how much bitcoin there is, and in two years there will be 300 million people in the world trying to get their hands on a few million bitcoin. This mind-boggling supply and demand imbalance is what is going to drive the price higher.”

Is he right?

We’ve heard a lot from bitcoin sceptics providing their own bitcoin predictions; about a bubble and about the – perhaps – unsavoury nature of many transactions using the cryptocurrency to date.

However, Moas has been right so far, so we’re willing to bet on him being right again.