Ronnie Moas from Standpoint Research told CNBC that bitcoin’s price could jump to $50,000 in the next decade. Moas has predicted the jump to $5000 while bitcoin was being traded at $2500 earlier this year.
Bitcoin’s current market value is about $96.5 billion as of Friday afternoon Asia time, according to the website Coinmarketcap.com.
The total market cap: $169.7 billion, from which bitcoin’s dominance is about 57%.
“You have a supply-demand equation here that is mindboggling to me” Moas said.
In theory, bitcoin’s limited supply of 21 million tokens will be reached only in the next 50 years. However, Japan has a strategy to help cryptocurrencies reach $200 Trillion.
Although there are pessimists saying that the market will collapse and it will blow up in people’s face, Moas thinks that the prominent critics of bitcoin are investors on the U.S. stock market, and that “I don’t expect those people to come out and recommend … to buy bitcoin. Because that hurts their business”.
After China’s government ban for cryptocurrencies exchange platforms, Japan emerged as the largest market for trading bitcoin.
Mike Kayamori, the co-founder and CEO of QUOINE- one of the first cryptocurrency exchanges to receive a Japanese FSA license, related in an interview with Finance Magnates that “once all these issues (blockchain ecosystem, ICOs, cybersecurity) are resolved, cryptocurrencies could reach a $200 trillion market cap”.
Another important figure from Japan, Yusuke Otsuka -chief operating officer at Coincheck, a bitcoin exchange, related in an interview that “The Japanese have felt that cryptocurrencies are a scary thing but trading volumes have increased as many now see it as trustworthy thanks to government approval”.
SBI Holdings – the financial services division of Japan’s SBI Group, recently stated the following: “The SBI Group will endeavor to acquire cryptocurrencies, for the further development of products and services, and to secure market liquidity. This includes the mining of [bitcoin and bitcoin cash], and investments into U.S. Ripple (Ratio of 10.5%).”
Taking all these facts into consideration, there are high chances that Moas’s predictions to be true once again, this time in 5-10 years.