Independent stock research analyst and founder of Standpoint Research Ronnie Moas recently published a 122-page research report on Bitcoin and other digital currencies after testing them out earlier this month, reports CNBC. (See also: Bitcoin Crosses 50% of Overall Market Cap Ahead of Hard Fork.)
"I think investors should take a shot on this and hold for a few years. If you lose a few bucks, at least you took a shot," he said. "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%."
Predicted Boom in Cryptocurrency
Moas foresees Bitcoin surging to $5,000 by 2018, reflecting an approximate 80% upside from Monday’s price of $2,800. As for the digital currency Ethereum, the analyst expects its value to double from just under $200 to $400 over the next year. He estimates Litecoin, another digital currency, to double from about $40 to $80.
In the next week or two, Moas says he will issue the last section of the three-part report regarding a fourth digital currency that is much smaller than the rest and which he foresees skyrocketing a few hundred percent in the near future. Moas personally has invested in 10 of the 20 top digital currencies by market capitalization, marking the first time in two decades that he has put money into his own recommendations.
“In my 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,” wrote the analyst, the latest to shed light on the boom in digital currency as it finally receives institutional attention. “I watched from the sidelines for a few years and it felt recently as if the train is leaving the station," said Moas. "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." (See also: How to Buy Bitcoin.)