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Here’s more bitcoin news to head into your weekend.

As my illustrious colleague Crystal Kim already wrote this morning, bitcoin is up yet again, blazing past the $7,300 mark. The Bitcoin Investment Trust (GBTC) is up more than 690% year to date.

Yet it could rise even farther, says Standpoint Research's Ronnie Moas. He raised his 2018 price target on bitcoin to $11,000. He also maintained his ten-year target, estimating that bitcoin will be at $50,000 by 2027, writing that his Wall Street clients are growing ever more interested in his insights.

From his note:

There is currently 200 trillion dollars in the world tied up in cash, stocks, bonds and gold and I am not excited about putting my money into any of those -- If 1% of that 200 trillion dollars finds Its way into crypto in the next 10 years you will be looking at a 2 trillion dollar valuation -- 10 times what it is today…

My aggressive crypto market cap target is actually 2% within 5 years that would put the industry at $4 trillion dollars and bitcoin would be at 2 trillion (if it holds a 50% market share). The price would then be $120,000 and only 25% of where the gold market is today. Many people believe that Bitcoin will eventually catch up to gold($8 trillion) and I would not argue with that. $8 trillion would get bitcoin to $500,000.

Elsewhere, this week saw the London Blockchain Summit, wherein the UK’s Royal Mint discussed its use of blockchain to manage ownership of gold—no small feat for an entity that owns 5.4% of the global bullion market.

Coindesk reports that the mint’s senior strategic marketing manager, Nicola Robinson, is enthusiastic about the prospect. She told the summit that the first test transaction on the Royal Mint Gold (RMG) blockchain took place in August and that there’s more to come:

[S]he revealed that the launch of a blockchain-based bullion trading platform was imminent. And touched on the fact that the RMG platform could someday be used to accommodate requests to prove the provenance of gold and, even more broadly, in the provisioning of collateral of global trades.

Currently the Royal Mint is in discussions with potential partners and traders, though Robinson didn't give a specific date the platform would launch.