Ronnie Moas, founder of Standpoint Research, has updated his Bitcoin price prediction. In a note to his clients on Monday, Moas reported that many positive developments have been made in Bitcoin over the past five months and that some of the obstacles in its path have been removed. Moas also wrote in the note, “An argument can be made that the good news is not fully reflected in the current price.”
Moas drew attention to recent developments such as CME’s plans to open futures in Bitcoin in the fourth quarter and Square’s testing to support digital currencies. Accordingly, he raised his 2018 price target of $11,000 for Bitcoin to $14,000, which he had previously made.
Moas has been recommending people to invest in Bitcoin since last July when Bitcoin was $3,000. a name. Many Wall Street analysts and executives did not see Bitcoin as an investment vehicle. For example, JPMorgan CEO Jamie Dimon described the digital currency as a “fraud” and said that those who invested in it were “stupid”. UBS wrote in a note to its investors that Bitcoin is a “speculative bubble.”