Four Wall Street Analysts and Their Big Bitcoin Predictions

Four Wall Street Analysts and Their Big Bitcoin Predictions

It’s true: crypto is in a bear market right now. Even traditional markets are having a pretty up-and-down year, and we’ve seen the kind of volatility that results in months upon months of progress be wiped out in a single day. A lot of this seems to be happening because consumers and investors are nervous, especially because of the unprecedented way that politics, economic policies, and company decisions are being executed and, more importantly, communicated.

This turbulent time can be neatly exemplified by the following true story: Elon Musk was recently forced by the United States Federal Exchange Commission (FEC) to resign as chairman of Tesla as a result of what essentially amounted to a bad weed joke he made on the internet to entertain his girlfriend. Oh, and he was also forced to pay a $20 million USD fine. And on top of that Tesla stock dropped double-digit percentage points throughout the affair. Since then, Tesla has rebounded rapidly since announcing profitability for the first time in the company’s history.

This is, roughly, the sort of year the markets have had.

So, some people might think that—given the current proven fragility and unpredictability of traditional markets—crypto would once again become attractive to investors. But, as it turns out, it hasn’t. Not in any major way, at least. And that’s because Bitcoin and crypto are still untrusted, and are considered to be volatile assets in the aftermath of the manic insanity of the market’s 2017 run-up.

This isn’t to say that people won’t be investing in bitcoin; nor is it to say that bitcoin won’t be worth more in the future. In fact, there are many analysts who have a lot to say about the future value of Bitcoin and other cryptocurrencies.

So, with that in mind, let’s look at four of the Wall Street Analysts who have had interesting things to say about Bitcoin in recent times, and let’s check out the predictions they’ve laid out for us as we move into the new frontiers of 2019.

 

1. Ronnie Moas

Ronnie Moas is one of the biggest crypto bulls in the space today who comes from a traditional investor background. Moas is the founder of Standpoint Research, one of the top-performing stock-pickers from 2008–2017, and he’s helped make a lot of people a lot of money.

Now, after making a name for himself at cryptocurrency conferences, on television, and on non-traditional journalism outlets like the Bad Crypto Podcast, he and Standpoint Research offer a specific cryptocurrency news subscription service, allowing customers to receive weekly notes and monthly reports on the top cryptocurrencies. Given his track-record, and how well-regarded he is on Wall Street, listening to Moas on bitcoin might be a good idea.

 

Ronnie Moas’s key predictions

 

2. Tom Lee

Tom Lee has been a research analyst since 1993, and in 2014 he co-founded New York–based market strategy and research firm Fundstrat Global. The organisation, with Lee at the head, releases a large volume of regular reportage and information to subscribers in a similar model to previous example Ronnie Moas and Standpoint Research. Similar also to Standpoint, Fundstrat has a dedicated feed for cryptocurrency news and reportage, created no doubt to sustain the massive wave of new currency investors through the tribulations of the bear market.

Bitcoin Price Predictions 2018

Recently, Lee came out and said that he was “pleasantly surprised” that bitcoin and other cryptocurrency have found what he describes as “stability”. And if you look at the one-year chart for bitcoin, stability isn’t a bad term for where we’ve landed now, finally, in the aftermath of last year’s crazy bull run.

Key predictions

 

3. Mati Greenspan

Mati Greenspan is a Senior Market Analyst at eToro, a social trading network which added cryptocurrency trading functionality back in 2017.

 

His twitter is pretty great, and he’s an insightful voice in the crypto space—maybe a little less of a big deal than a couple of the others on this list, but luckily we live in a world where one’s reputation doesn’t necessarily dictate the validity of one’s analysis. This article in the Express—with an appropriately clickbait-y title—is probably his most notable contribution to the discourse, wherein Greenspan predicted the relative stability we’re seeing in bitcoin at the time of this article’s publication. He attributes this stability to larger pools of institutional investment slowly entering the space, allowing bitcoin to find a relatively stable bottom before making its way back upward.

Key Predictions

  • It’s not so much a prediction as it is a piece of data-driven analysis, but in this article we see that in 2018, eToro clients have increased not decreased their bitcoin holdings (Aug 23, 2018).

 

4. Nick Colas

Not everyone can be bullish all the time. Nick Colas is the Co-Founder of DataTrek Research and he’s been neither entirely bullish nor bearish on bitcoin—but he was the first analyst from Wall Street to the punch (or, one of the first, depending who you ask). He has a pretty decent track-record, too, having predicted bitcoin’s big leap to $1,000 USD.

Where is he at now, though? Well, he’s not entirely certain Bitcoin is going to catch on as quickly as we maybe thought a year ago. Here is what he had to say about that back in May of 2018:

“In terms of Google searches, they are way down from the peaks back in December and January, like 85 to 90 percent. The other major issue is that the cryptocurrency market is also not seeing a lot of wallet growth. Growth in wallets is just 2.2 percent last month. It was 5 to 7 percent per month all of last year.”

His conclusion? Bitcoin needs more new adopters before we see any more positive price action. Where those adopters will come from is still up in the air: it could be the third-world, it could be the potential investors who were on the fence during the 2017 bull run—it could be anyone.

Key prediction:

  • Again, this is more so a piece of analysis than it is a prediction, but Colas reckons the reason the 2017 crypto-bubble burst was a low volume in the futures market—when the market saw that no one wanted to trade, “air came out of the bubble”. More uptake, more investor engagement—well then, there’ll naturally be some more air in the bubble (Aug 17, 2018).

 

Conclusion

So, where does Wall Street stand on bitcoin? Well, a large portion of top analysts have good reason to think that the leading cryptocurrency has and will continue to have value. But it’s not 2017 anymore, and expectations have been tempered. There are exciting times ahead for bitcoin—it just might be better to think of things in terms of a five, ten, or twenty year timeline rather than in terms of the thoughts of getting rich quick that hijacked so many otherwise-sensible minds in 2018.

On the horizon, there is talk that the introduction of a mainstream bitcoin ETF would dramatically drive up the cryptocurrency’s price—but on the other hand there is also a sense that (as was stated at the beginning of this piece) given traditional markets are so unpredictable right now, investing in an entirely speculative asset built on emergent technology may not be something people want to do right now with their money.

If you do want to do something with your money, though, you should absolutely head on over to our Trading Education blog, where John Sharpe will run you through the trades he’s been executing on over the past few weeks. As an introduction, embedded below you can check out a video from October 30. Enjoy!

 




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How our Bitcoin Gift Card works

What is a Bitcoin Gift Card?

A Bitcoin Gift Card is the perfect way for the newcomer to get their first Bitcoin. It comes with a paper wallet and simple instructions to set up a software wallet so that you can transact with Bitcoin over the internet. Bitcoin Gift Cards are available in AU$25, $50, $100 and $500 denominations.

Who should buy a Bitcoin Gift Card?

Anyone new to Bitcoin will find no easier way to get their first Bitcoin.

They can be gifted by an existing cryptocurrency enthusiast, or bought by anyone wanting to get involved for the first time themselves.

How can I pay for my Bitcoin Gift Card?

You can pay with either cryptocurrency through our coinpayments.net payment gateway, or you can use Australian Dollars through our POLI Pay facility.

Can I use a Bitcoin Gift Card to top up an existing software wallet?

Yes. When you receive your additional Bitcoin Gift Card, you can simply import the "Secret" wallet identifier from your Bitcoin Gift Card into your existing software wallet. This will move your Bitcoin from your Bitcoin Gift Card into your existing software wallet. 

What does my Bitcoin Gift Card include?

Your Bitcoin Deposit, wallet and key generation and network transfer.

How long does it take to receive my Bitcoin Gift Card?

Going through to checkout takes about 2 minutes. You won't find an easier process anywhere. Once you've placed your order, it can take between 10 and 60 minutes to receive your Bitcoin Gift Card depending on the speed of the Bitcoin network at time of purchase.

How our Flexi eGift Cards work

We have partnered with GiftPay, an aggregator of online deliverable eGift Cards in Australia.

Through our agreement with GiftPay, you are able to purchase a Flexi eGift Card from us, redeemable at a broad range of retailers in Australia.

Watch the Video to see how it works

What is a Flexi eGift Card?

A Flexi eGift Card is an electronic gift card that lets you choose where you'd like to shop! In the past if you were given a gift card for a particular shop but didn't want to buy anything from that shop, you were stuck. But now with a Flexi eGift Card, you get to choose at which shop you spend your gift. 

What's more, you may be able to split your Flexi eGift Card and spend it at different shops! For example, if you have a $30 Flexi eGift Card, you could choose to split it up into a $20 Myer eGift Card and a $10 iTunes eGift Card. 

Where can I spend it?

You can spend your eGift Card at a broad range of Australian retailers. For a full list of our retailers, click here. (page showing full list of retailer logos)

How do I redeem it?

Your Flexi eGift Card will be emailed to you. Click the link in the email to open your Flexi eGift Card.

Then convert your Flexi eGift Card into any combination of gift cards or vouchers up to the total available balance. How you redeem your chosen gift card depends on the card or voucher chosen.

Pay a BPay Bill

What Bills can I pay?

You can pay any bill that has the BPAY logo and Biller Code including credit cards.

Are there any payment limits?

Yes. You can pay a maximum of $1000 per transaction based on regulatory limits. You can however break up a bill into multiple $1000 tranches and enter the same biller and customer reference code.

How does the transaction work?

When you enter the amount you wish to pay, the BPAY biller code and your bill’s customer reference number, you will click through to our checkout.

At checkout, you will be asked to leave your details, which enables us to satisfy our legal requirements under the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017. This sounds ominous, but takes about 2 minutes.

When you proceed to payment, you will be shown the digital currency amount payable and the wallet address to send your digital currency to.

Once you have sent your digital currency to our payment gateway wallet, you will receive an email notifying you that your payment has been received. We then convert your digital currency to AUD and pay your BPAY bill on your behalf.

Are there any fees?

Yes. At checkout you will notice our 3% fee added to your bill amount. This is to help us manage the currency risk of a volatile digital currency market when converting to AUD for us to pay your bill. We use a third party payment gateway to enable the digital currency transaction. Our considerations when choosing a gateway was security, pricing (spread) and speed. You’ll note when at checkout (before proceeding to payment) that the price you receive on your digital currency is very competitive. Other digital currency BPAY facilitators charge up to 6% per transaction on the currency alone, which in our view is akin to highway robbery.

 

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