Bitcoin to $50,000? This Stock Picker Thinks So
Bloomberg has an article up today about Ronnie Moas whose claim to fame is making a lot of stock picks, 900 according to the article. They don't mention the efficacy of the picks, but he clearly has many followers, and some people paying attention to what he is saying.
He see's Bitcoin doubling next year and moving to $25k to $50k next decade. The support offered is basically the scarcity argument that we have heard many times. There are only 21 million bitcoins, so the price should go up. A marginal argument but I get it. He thinks 1% of the market cap of other liquid investments will end up in crypto which will drive demand. Also driving demand would be adoption, which we have clearly seen happening already. He isn't particularly worried we are currently in a bubble and appears to have purchased some crypto for his own portfolio.
I try not to do to many article cut and pastes, as I know the appetite is fickle for that type of information. But...I'm only summarising here, this is not my belief, although I hope he is right.
Cheers @moneybags
