Ronnie Moas, who for the past 13 years has made more than 900 stock recommendations via his one-man show at Standpoint Research, is now entering 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 starting to examine and make bets on the industry together with established bitcoin enthusiasts who see long-term gains, even if they say there might be a correction after the recent rally.
“There are just 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 that caps the total amount of bitcoin that can be created.
“I have little doubt that 1% of the money in bonds, cash, stocks and gold is going to wind up in cryptocurrencies. ”
As adoption increased, Bitcoin has more than doubled this year to as large as $ 3,000, more institutional investors backed blockchain technology and ether, the money, began to become popular in fundraising rounds for startups.
Moas says he’s “just a bit concerned that there may be a near-term bubble,” however long term, there’s the potential to produce triple-digit returns.
Moas recommends securing cryptocurrency positions through services such as the one provided 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.