The article below was written by Billy Bambrough, a journalist with significant experience covering technology, finance, economics, and business around the world. He also writes about how Bitcoin, crypto, and blockchain can change the world.
Bitcoin Has Risen 320 Percent since November 2020, and According to Citibank, It May Rise Another 550 Percent by the End of 2021!
Will Bitcoin Achieve $318,000 Per Coin in Value?
If we compare those gains to the stock market which most expects returns an average of 10 percent a year, we are talking about 87 years of earnings in 13 months!
With that type of expected return, you can see why banks, financial institutions, and high net worth individuals are dumping billions into Bitcoin.
Unfortunately, as cryptocurrency mass adoption takes hold, the masses are still believing the F.U.D. (Fear, Uncertainty, and Doubt) that has been put out by the same banks, financial institutions, and high net worth individuals in the past!
Read my article titled F.U.D. – Fear, Uncertainty, And Doubt – How to Control the Masses.
As more institutional investors put their money into Bitcoin and place their coins in cold storage, there are fewer Bitcoins in the market to be traded and purchased.
Bitcoins are being produced at the rate of 6.25 Bitcoins every 10 minutes, 37.5 Bitcoins every hour, and 900 Bitcoins every day.
By December 31, 2021, an additional 239,400 Bitcoins will have been mined bringing the total in circulation to approximately 18,917,162 of the total 21 million.
Will Bitcoin Achieve $318,000 Per Coin IN Value?
As the demand for Bitcoins grows, so will the price, it is very possible that Bitcoin can go through another bull run before the end of 2021 to achieve that 550 percent rise in price!
For those who are still confused by the F.U.D. that was put out in the past, now is the time to educate yourself about Bitcoin and other cryptocurrencies.
An educated consumer makes educated decisions about their finances instead of ones based on emotions, and the F.U.D. put out by those in the past was meant to keep you inactive while they conducted their due diligence.
From the mouth of Tom Cruise in the hit movie Jerry Maguire, “Show Me the Money!”
Today, the smart money is betting on Bitcoin and if you want to take part in the greatest Wealth Transfer in HISTORY, you will FOLLOW THE MONEY!
What if Bitcoin did not go up the predicted amount suggested by Citibank, what if Bitcoin only goes up to $159,000 per coin by the end of December 2021, which is still a 275 percent increase over the current price of $58,800 per coin.
That is still 27 and a half times what the stock market is expected to return, and we are talking about eight-plus months instead of a year!
We still have eight-plus months before the end of 2021, and in that amount of time, anything can happen. Will Bitcoin achieve $318,000 per coin in value, time will tell, but the math is in our favor.
DISCLAIMER: I am not a financial advisor, planner, or CPA, and I am not giving anyone investing advice, I am just sharing information I know and use in my own decision-making about cryptocurrencies. If you need financial advice, please seek the advice and guidance of a licensed financial advisor, planner, or CPA with knowledge of cryptocurrencies.
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Nov 19, 2020,03:54am EST|84,387 views
Leaked Citibank Report Reveals Bitcoin Could Rocket To $300,000 Price By End Of 2021
I write about how bitcoin, crypto, and blockchain can change the world.
The bitcoin price has this week shot past $18,000 per bitcoin, causing jubilation among long-suffering bitcoin supporters and causing many to recall bitcoin’s late 2017 bubble—though it’s happening without 2017’s mainstream bitcoin mania.
Now, a leaked report from Wall Street giant Citibank has revealed a senior analyst thinks bitcoin could potentially hit a high of $318,000 by December 2021, calling it “21st-century gold.”
The bitcoin price has more than doubled from around $7,000 per bitcoin at the beginning of 2020 to around $18,000 now–with some expecting it to soar still higher.
SOPA Images/LightRocket via Getty Images
“The whole existence of bitcoin has been characterised by unthinkable rallies followed by painful corrections, the type of pattern that sustains a long term trend,” Citibank’s global head of CitiFX Technicals, Tom Fitzpatrick, wrote in the note to institutional clients that was leaked on Twitter —asking: “Are we on the cusp of another such structural development?”
Pointing to a chart that shows three bitcoin bull runs over the last decade, the note suggests that the current rally could “potentially peak in December 2021, at the high of the channel, suggesting a move as high as $318,000 [per bitcoin].”
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“Time will tell if we end up seeing such lofty levels but the backdrop and the price action we are looking at clearly suggest the potential for a major move higher nonetheless in the next 12-24 months.”
The note claims “the arguments in favour of bitcoin could well be at their most persuasive ever,” referencing bitcoin’s growing reputation as digital gold and “central banks increasingly discussing the digitization of currencies.”
Bitcoin is also expected to benefit from “the change in monetary policy and simultaneous opening up in fiscal policy” that could devalue traditional currencies.
This chimes with a separate note released by Citibank this week that predicts the coronavirus vaccine roll out and loose monetary policy will weigh on the U.S. dollar through 2021.
“When viable, widely distributed vaccines hit the market, we believe that this will catalyze the next leg lower in the structural USD downtrend we expect,” Citi wrote, according to reports. “Given this set-up, there is the potential for the dollar’s losses to be front-loaded, with the USD potentially falling by as much as 20% in 2021.”
The bitcoin price has added around 12% over the last week, on top of triple-digit gains over the … [+]
Bitcoin’s rally this year has been fuelled by renewed interest from Wall Street and support from a host of big-name investors, many of whom have given their backing to bitcoin as an emerging hedge against a wave of inflation that could be on the horizon.
Amid bitcoin’s latest rally, the bitcoin and cryptocurrency community has cheered what has been taken as vindication of their much-maligned belief in bitcoin’s eventual success.
“The dawn of the next great crypto bull run may be upon us,” Paolo Ardoino, chief technology officer at British Virgin Islands-based bitcoin and cryptocurrency exchange Bitfinex, said via email. “We are seeing bitcoin prices that have not been reached in years. This time, institutional money is infusing bitcoin’s gains.”