Bitcoin Bull Ronnie Moas Believes Low BTC Price is Due to Emotional Overreaction from Investors
Ronnie Moas, the outspoken BTC bull recently discussed the recent downturn in the crypto world. This downturn has sent the aggregated value of crypto below $140 billion. However, he is still bullish, making it clear that Bitcoin is not dead.
Moas And Crypto
In the interview, Moas talked about the dismal performance of the global market when asked about the health of crypto markets. He said that about half of the names listed on the S&P 500 had lost 25% to 50% of their value in the stock market since January. He added that the investors in the stock market had been feeling the pain that crypto investors were feeling.
He added that this was a well-travelled road. According to him, this is just a cycle. He said it was a parabolic movement and this was the correction. Moas explained that he expected things would bounce back next year. He noted that a recent analysis showed that in 2014-2015 the BTC went through a bear market that is similar to what is happening in 2018.
The Weak Are Leaving BTC
Moas also talked about current market sentiment. He said that those who sell during a market crash always regret later on. According to him, this had happened during the great depression, the dot com bust and during Black Monday. He noted that those who bought at the bottom went on to do very well later.
In his vague prediction on future prices, he said that it made little sense to him that market cap for gold was 100 times that of BTC and 60 times that of crypto assets. This was a likely reference to the prediction that BTC would one day surpass gold as the go-to store of value globally.
He noted that this was the start of the price discovery phase. According to him, the weak were getting scared. He said that people were acting as if BTC would drop to zero, which he did not believe would ever happen.
Moas noted that the smart ones bought the BTC on its way to the bottom. Whether they bought at $9,000 or $4,000, the researcher noted that those who buy low are going to do well later.
Moas was quite passionate about his positive views. He said that history would repeat itself. His main example was the financial markets history 100 years back. He noted that most people made money when the markets crashed. The smart ones always benefited from the emotional overreaction of the weak.
Moas said that the overreaction by the weak was why so much selling was taking place. He even went on to state that there was a company investing a hundred million in mining rigs despite the market crash. This, according to him, was a smart move; he was confident that they knew where BTC was headed. Whether Moas is right or wrong is all a waiting game. Given the unpredictability of crypto, it is hard to say whether it is mere blind optimism.