In a report shared by Citibank targeted exclusively for its institutional clients, Tom Fitzpatrick the managing director is predicting a Bitcoin rally that will reach $300,000+ by December 2021.
21st Century Gold
The title of the report “21st Century Gold” is chosen by the Citibank executive as he derives multiple parallels between Gold rallies and Bitcoin.
He compares the first Bitcoin boom and bust cycle of 2010-2011: “That surge, as it came into mainstream, was very reminiscent of what happened to Gold as it was allowed to float in the early 1970’s after 50 years of trading in $20-$35 range”, he then added “That period with regard to the Gold price was a structural change in the modern day monetary regime as it broke the orthodox relationship between FIAT currencies and Gold ushering in a World of fiscal indiscipline, deficits and inflation”.
He compares this to Bitcoin surging and entering the mainstream right after the 2008 financial crisis, which may be implying an expectation of a new monetary regime with this novel asset.
Bitcoin: A more efficient Gold
Given the current monetary environment with the quantitative easing forced by the pandemic, Gold would likely perform well as it has historically in such periods of time. The author however, states a few limitations that Gold has such as the need to be physically stored, not “readily portable across borders” which makes him call it “yesterday’s news”.
Bitcoin on the other hand can be stored digitally and taken anywhere through the internet to which 4.5 Billion people have access.
Institutional Predictions
Up until a year ago, predictions were only run by people from within the crypto-community, some reasonable and some wild like the $2M prediction by McAfee. Since notable and well-respected investors expressed their interest in Bitcoin, this has changed and we’ve seen some institutional predictions. The Citibank $300,000+ by end of 2021 is the latest one, prior to that a Bloomberg analyst gave a “closer” prediction of $20,000 in 2020.
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