Ronnie Moas, who at Standpoint Research has made more than 900 stock recommendations via his show for the past 13 years, is now venturing into cryptocurrencies.
It’s a testament to the exuberance around bitcoin, ethereum and other blockchain assets that equity investors that hadn’t been involved in cryptocurrencies are now beginning to analyze and make bets on the sector along with established bitcoin enthusiasts who see long-term gains, even if they say there may be a correction following the recent rally.
“There are only 21,000,000 bitcoins in circulation and the world will fight over those 21 million coins as confidence in money and other investments deteriorates,” Moas wrote, referring to the algorithm which caps the amount of bitcoin which can be created.
“I have very little doubt that 1% of the money in gold, bonds, stocks and cash is going to end up in cryptocurrencies. ”
As adoption improved Bitcoin has more than doubled this year, more institutional investors backed blockchain technology and ether, the second-biggest digital money, began to become popular in fundraising rounds for startups.
Bitcoin slipped to as low as $2,544.40 now from its high on June 12 on concern that electronic currencies can’t reach wider acceptance fast enough and that their gains are overdone.
S & ldquo a bit concerned that there may be a near-term bubble, & rdquo although Moas says he & rsquo; but long term, there’s the potential to produce triple-digit returns.
Moas recommends securing cryptocurrency positions through services like the one offered by Trezor.io and reminds customers his post is for informational purposes only and shouldn’t be viewed as investment advice or as a recommendation.