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Home Markets Cryptos

Citibank: Bitcoin could skyrocket by $300,000 in 2021

Olumide Adesina by Olumide Adesina
November 17, 2020
in Cryptos
Fate of $2.3 billion worth of Bitcoins in Limbo, Big mistake: Ripple's CTO sold his Bitcoin for $750, Best time to cash in on Bitcoin
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Citibank analyst, Tom Fitzpatrick, has validated his bias using advanced technical analysis on the world flagship crypto, anticipating that Bitcoin will skyrocket to $318,000 by December 2021.

The top banker explained further why Bitcoin is poised to be the clear winner in a world battling with economic and fiscal impacts of the pandemic.

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“The second (and in my view) more ‘monumental’ guidance was the indication that as the economy/inflation and employment pick up, they will not look to constrain monetary policy in the same fashion they have in the post-Volcker era. This change in monetary policy and simultaneous opening up in fiscal policy is (despite protestations to the contrary) MMT [Modern Monetary Theory] in all but name and a clear intention of debasing FIAT currency.”

Tom Fitzpatrick also hinted at the odds favoring Bitcoin;

“Bitcoin is an asset with limited supply. It is digital… It moves across borders easily and ownership is opaque… The huge fiscal deterioration of today has a cost in the future, either directly or indirectly. Directly is that at some point, the ‘bills have to be paid,’ which means at some time in the future the money needs to be found. While Bitcoin may become subject to more regulatory constraints going forward, it is a natural store of ‘money’ to avoid this.”

READ: IMF: Global economy is now projected to fall by 4.4%

What this means

In an interview with Stansberry Research, the former hedge fund manager as seen on Youtube, revealed the global economy was moving from the “hope phase” to the “insolvency phase” as global investors realize that the economy is going to take much longer recovering from COVID-19 pandemic than anticipated.

He said, “There’s no stimulus around, and we’ve got more problems to come to Europe, the US and elsewhere, and businesses don’t have enough cash flow. They’re closing in droves and that’s what I call the ‘Insolvency Phase'”

READ: CBN reviews minimum interest rates on savings deposit to 1.25%

That said, another valid reason Nairametrics believes the flagship crypto valuation might certainly rise is the high global quantitative easing program which will in a matter of time propel Bitcoin prices.


Follow us for Breaking News and Market Intelligence.
Tags: BitcoinCitibankTom Fitzpatrick
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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