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Citibank Executive Believes Bitcoin Price Will Rally To $318,000 By The End Of 2021

  • Citibank Group’s Global head of Citifxtechnicals product, Tom Fitzpatrick, believes the price of Bitcoin will surge to $318,000 by the end of 2021.
  • While he acknowledged that his prediction might seem off base, Fitzpatrick argues such a rally will be the weakest for the digital asset when compared to other assets such as gold.
  • Moreover, he added that Bitcoin will see huge price swings before finally settling at the predicted price.
  • With the coronavirus pandemic still impacting economies around the world, governments will continue responding to the crisis by printing more money. This in turn will benefit safe-haven assets.
  • Fitzpatrick explains that although gold is expected to benefit from the deluge of new money entering circulation, the precious metal has unique limitations that do not seem to afflict Bitcoin.
  • Gold is non-portable and has storage restrictions. Boosting Bitcoin is its limited supply, ease of movement across borders and opaque ownership.
  • Moreover, unlike other digital currencies such as central bank digital currencies (CBDCs), Bitcoin cannot be confiscated.
  • Read the full story here.

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