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Bitcoin Bull Doubles Down As Crypto Continues To Slide

Bitcoin Bull Doubles Down As Crypto Continues To Slide

Bitcoin slid 18 percent Monday to strike rates not seen since mid-November. But Ronnie Moas is still buying.

Unfazed by a $2,100 loss from last week’s purchase, the perennial bitcoin bull and founder of Standpoint Research said Monday he’d bought three coins at $7,700.

Moas remains an optimist even as peers retreat. At $6,760, after a 150-percent month-over-month decline that shows no sign of letting up, he’s still stocking up.

In December, when the cryptocurrency was $18,100, Moas predicted an eventual surge to $300,000 or $400,000, with a 2018 target of $28,000. The enduring plunge hasn't prompted a thesis adjustment.

"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,” Moas told CNBC in December.

He proved his foresight last year when predicting a rise from $2,600 to $5,000.

"I look at bitcoin the same way I look at Amazon," he said on CNBC. "The way to play Amazon for the last 15 years was to buy it, hold it, and add on the dips. That's exactly the way I think people should be playing bitcoin."

Bitcoin Investment Trust (OTC: GBTC) continued downward Monday with an 18.6-percent dip.

Related Links:

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12 Cryptocurrencies To Watch In 2018 (Besides Bitcoin)

Latest Ratings for GBTC

Feb 2018BuckinghamInitiates Coverage OnSell
Jul 2015WedbushInitiates Coverage onOutperform

View More Analyst Ratings for GBTC
View the Latest Analyst Ratings


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