Citibank Analyst Projects Bitcoin to Hit $300,000 by End of 2021
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.
“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.”
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’”
That said, another valid reason we believe the flagship crypto valuation might certainly rise is the high global quantitative easing program which will in a matter of time propel Bitcoin prices.