Bitcoin surged to a new all-time high this week, crossing the $8,000 level for the first time.
But while some onlookers see bitcoin and other cryptocurrencies as a massive financial bubble, others say the bitcoin rally is just getting started.
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The Analyst
Just weeks after raising his price target for Bitcoin from $7,500 to $11,000, Standpoint Research analyst Ronnie Moas has raised his target once again to $14,000. Moas has also set a long-term target of $60,000 for 2022.
Editor's note: Moas on Nov. 29 raised his target to $20,000.
The Thesis
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More countries are embracing cryptocurrencies and removing barriers that kept investors away, Moas said in a note. But Moas is not trying to be a hero by keeping his target the highest on the Street. The target is based on the concept that, with $200 trillion dollars in the world in cash, stocks, bonds and gold, there are few reasonably valued investment options.
If one-half of 1 percent of the $200 trillion is put into bitcoin, it would result in a $1 trillion valuation — above Apple Inc (NASDAQ:AAPL), Moas said.
Despite his bold, bullish predictions, Moas said cryptocurrency investors shouldn’t put all their eggs in one backet and should instead invest in at least a dozen different currencies among the top 50 cryptos by market cap.
Investors should shrug off bubble concerns from the likes of Jamie Dimon and Warren Buffett, since each of those prominent Wall Street CEOs is heavily invested in the traditional banking industry that's threatened by bitcoin, Moas said.
Price Action
The Bitcoin Investment Trust (OTC:GBTC) was trading down by 5.4 percent on Monday, but is up 686 percent year-to-date.
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