Bitcoin managed to reach a new high as of Monday, but one firm thinks that this is just another step on the currency’s rise in price. Ronnie Moas, founder of Standpoin Research stated that “There have been many positive developments during the last five months and a few of the obstacles that were in Bitcoin’s way have been knocked down. An argument can be made that the good news is still not fully reflected in the current price.”
The news from CME to launch a bitcoin futures trading platform is something that brought the price of the currency up by a large amount, and could only help to bring the price up further. Moas stated that in addition to this, the announcement by Square to slowly begin implementing a testing platform to trade cryptocurrency is something that could also help to drive the price up.
The analyst estimated that the price of bitcoin could reach as high as $14,000, up from his previous thought that the coin was only going to reach $11,000. This is an almost 70% rise from where the currency currently is. He has been stating this opinion since July, when the coin was trading under an amount of $3,000. After the price hit an all-time high of $8,245 on Monday, November 20th, the coin managed to drop back down by around 2.6%. This represents a small equalizer in the price as it is still up by over 700% to date.
Many Wall Street bigwigs have claimed that the currency is fraud and little more than a bubble, but with the way things are going right now, that does not seem to be the case. As the currency continues to rise in price, many are finding more real world applications for the currency.