Stock research analyst Ronnie Moas said he bought bitcoin this weekend and thinks it could reach $5,000 within a year. <\/p>\n
\"$5,000 could happen in a few months. It's only starting to gain traction right now,\" Moas, founder of Standpoint Research, told CNBC in a phone interview Wednesday. \"It's starting to spread like wildfire right now.\" <\/p>\n
He pointed out that since only 21 million bitcoin can ever exist, increasing demand for the digital currency will naturally drive its price up. <\/p>\n
Bitcoin briefly tripled in value this year, hitting a record $3,025.47 on June 11, according to CoinDesk. The digital currency traded Wednesday near $2,600, still more than double its Dec. 31 price of $968. <\/p>\n
\"This is not something I could keep my hands off of,\" Moas said. \"What would be more painful than losing [money in cryptocurrencies] is not acting.\" <\/p>\n
The research analyst said he invested a few hundred U.S. dollars each in bitcoin, ethereum and another digital currency called litecoin through Coinbase.com. After he releases a 40-page report on cryptocurrencies in the next few weeks, Moas said he plans to invest more in them. <\/p>\n
The research analyst's view on bitcoin joins the optimistic views of others on Wall Street. On Sunday, Goldman Sachs' technical analyst Sheba Jafari said in a note that bitcoin could rise as high as $3,915. <\/p>\n
<\/p>\n
Here is the original post: <\/p>\n
Bitcoin could nearly double and reach $5000 soon, says Standpoint Research - CNBC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Stock research analyst Ronnie Moas said he bought bitcoin this weekend and thinks it could reach $5,000 within a year. \"$5,000 could happen in a few months Continue reading