Bitcoin Bulls Get More Bullish,
Ronnie Moas Revises Bitcoin Price Prediction
Bitcoin's stupendous rally in 2017 has clearly enthused the supporters of Bitcoin.
Standpoint Research’s Ronnie Moas, who is one of the most bullish analysts on Bitcoin, has revised his prediction upwards.
$7,500 by year end? Oops, we are almost there!
Ronnie Moas had surprised observers by his bold prediction in July 2007 that Bitcoin could reach $5,000 within months. The price was less than $3,000 when he made the prediction, but it jumped up to over $5,000 in Sep. 2017 before retracing briefly. In August 2017, the rapid increase in Bitcoin price led to Ronnie Moas revising his projection to $7,500 by the end of 2017. Bitcoin's rapid increase in price has dwarfed that projection as well, with Bitcoin price crossing $7,400 today. Ronnie Moas has now revised his projection, raising it to $11,000 in 2018.
In an email to his clients, Ronnie wrote:
Every day more headlines are hitting the newswires on crypto. More countries are embracing it, and the few obstacles that were standing in the way are falling down like dominoes.
Long-term: digital gold
Ronnie Moas is ultra-bullish about Bitcoin's potential in the long-term and believes that it will rival gold one day. He has predicted that its price will cross $20,000 in three years time and $50,000 in 10 years time. Given the current bull run of Bitcoin, he might even shorten the time frame projected for Bitcoin to reach those levels. While Apple might be the company with the highest market capitalization and whose value is reaching record levels each day, Ronnie believes that Bitcoin will overtake Apple in just five years.
Increased awareness and investment will drive price rise
Ronnie believes that the price increase will be driven by increased awareness of Bitcoin and a larger proportion of the world's population investing in it. It is estimated that less than 0.5 percent of people currently have invested in Bitcoin and Ronnie believes that this could increase to five percent. Since the supply of Bitcoins is fixed, the demand-supply imbalance will cause the price to soar. Bitcoin's current rally has clearly divided people into two opposing camps, with the bulls becoming more bullish and the bears crying bubble.
UK Mint Reveals Live Gold-
Tracking Blockchain
The Royal Mint of the United Kingdom has just revealed
their live gold tracking mechanism built with Blockchain technology. The tracking system had its first genesis block on Aug. 2 and while still not yet available to the public, has verified more than 50,000 blocks. The Blockchain technology based tracking system is designed to keep records of sales and ownership of the precious metal – a task that is relatively complex. The system has been built with a number of careful additions in order to reduce any risk to relatively zero. Here are some points of the report:
- The RMG network will require multiple, independent cryptographic signatures to enact any transaction thereby keeping RMG safe from loss of a single-key. Due to the way the Blockchain enforces the addresses, it is not possible to send RMG to an invalid destination where the RMG could not be recovered.
- The Asset Trading Platform is secured by industry cyber-security practices and controls, which are informed by global frameworks such as NIST and ISO.
- All parties participating on the network are identified.
The project was first unveiled as potential in 2016. The recent statement indicates the power of Blockchain technology to both protect and secure even physical assets. The senior marketing manager Nicola Robinson rightly stated, "It's simple, it's so simple, it's just a digital representation of real gold. The most exciting thing about RMG is that it's live, it's out there, it's working."
Chuck Reynolds
Marketing Dept
Contributor
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