Bitcoin is by far the most popular cryptocurrency on the market, but that doesn’t mean that all financial gurus are on the same page when it comes to its value. Still, despite some of the skepticism, Bitcoin has set a new record high over the weekend.
“People need to start taking this seriously because today bitcoin caught up with Goldman Sachs,” said Ronnie Moas, founder and director of Standpoint Research, according to CNBC. Moas is the same stock picker who predicted the $5,000 bitcoin, so his word is up for granted. He also added that, within five years, Bitcoin it’s going to catch Apple, a $800 billion market cap company.
Should we expect another huge growth soon?
For now, the cryptocurrency’s market value stands at $95.9 billion, while Goldman Sachs has a value of $93.67 billion. When bitcoin was trading at $2,600 earlier this year, few expected it to grow so fast, but Moas saw the big play behind Bitcoin, with the digital asset trading at about $5,700 on Tuesday.
But not all folks trust Bitcoin and what it represents. On Monday, Saudi billionaire investor Prince Alwaleed bin Talal expressed his opinion that Bitcoin will turn up to be just like the Enron business, a bad move for all those who invested in it. And he’s not the only one that doesn’t believe in Bitcoin’s value. BlackRock CEO Larry Fink called the cryptocurrency “an index of money laundering,” while JPMorgan Chase CEO Jamie Dimon said that everybody who bought Bitcoin will pay the price one day.
Bitcoin could become a real financial superpower
Moas expects the price of bitcoin to jump to $50,000, possibly within a decade and the market value to cross a trillion dollars, so it’s understandable for him why people who have invested in publicly-traded U.S. banks want to suppress Bitcoin’s real power.
He also explained that out of the 1,000 or so cryptocurrencies that are on the market, around 20 names are responsible for more than 90 percent of the total market value, meaning that the rest are “pump-and-dump scam operations.”