Bitcoin slid 18 percent Monday to strike rates not seen since mid-November. But Ronnie Moas is still buying.
Unfazed by a $2,100 loss from last week’s purchase, the perennial bitcoin bull and founder of Standpoint Research said Monday he’d bought three coins at $7,700.
I bought three #bitcoin $BTC at $8400 late last week / buying three more at $7700 today / hoping turning lemons into lemonade. I remember when the #Boeing share price collapsed a few years ago on #Dreamliner 787 concerns / If you bought on that panic you are now up more than 400%
— Ronnie Moas (@RonnieMoas) February 5, 2018
Moas remains an optimist even as peers retreat. At $6,760, after a 150-percent month-over-month decline that shows no sign of letting up, he’s still stocking up.
In December, when the cryptocurrency was $18,100, Moas predicted an eventual surge to $300,000 or $400,000, with a 2018 target of $28,000. The enduring plunge hasn't prompted a thesis adjustment.
"I don't know how much gold there is in the ground, but I know how much bitcoin there is, and in two years there will be 300 million people in the world trying to get their hands on a few million bitcoin,” Moas told CNBC in December.
He proved his foresight last year when predicting a rise from $2,600 to $5,000.
"I look at bitcoin the same way I look at Amazon," he said on CNBC. "The way to play Amazon for the last 15 years was to buy it, hold it, and add on the dips. That's exactly the way I think people should be playing bitcoin."
Bitcoin Investment Trust GBTC continued downward Monday with an 18.6-percent dip.
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