On Wednesday, November 18, 2020, the price of bitcoin has been coasting along at levels not seen since the decentralized currency’s all-time high three years ago in 2017. The cryptocurrency’s market capitalization is currently hovering at around $334 billion today. Likewise, the daily rate of bitcoin issuance during the last three years makes the overall market valuation higher than it was when bitcoin touched $19,600 per coin. Earlier this morning (EST), bitcoin (BTC) had surpassed the $18k per unit price zone, as the crypto asset has climbed a whopping 54% during the last 30 days. During the last 90 days against the U.S. dollar, BTC is up 53% and over the last 12 months against USD, the cryptocurrency is up a massive 123% to-date. Three years ago, bitcoin touched an all-time high of $19,600 on Bitstamp, but because of the three years of bitcoin issuance from miners, BTC ’s market cap is higher today than it was on Dece...
Citibank Group’s Global head of Citifxtechnicals product, Tom Fitzpatrick expects to see the price of bitcoin peaking at $318,000 by end of 2021. Although he concedes that his prediction might seem improbable, Fitzpatrick argues that such a surge will still be the weakest rally for the digital asset when compared to other assets such as gold. He also adds that bitcoin is all about the”unthinkable rallies followed by painful corrections.” Bitcoin will see huge price swings before finally settling at the predicted price suggests Fitzpatrick.
Similar Trends
Writing in a report titled, Bitcoin: 21st Century Gold, Fitzpatrick makes the surge argument for bitcoin. He says the digital gold’s current trajectory appears to be similar to that of gold in the 1970s.
Before structural changes were implemented in the early 1970s, gold had spent 50 years of trading in the $20-$35 range. However, after changes were instituted gold surged. It recently touched a new all-time high in August before settling at just under $1,900 per ounce.
According to one report that analyzed Fitzpatrick’s paper, it is this “structural change in the modern-day monetary regime that ushered in a world of fiscal indiscipline, deficits, and inflation.” Therefore, the Citibank boss argues that bitcoin, which came to the fore at the aftermath of the “Great Financial crisis” of 2008-2009, is bound to have a similar run.
With the Covid-19 pandemic still haemorrhaging economies around the world, governments will continue responding to the crisis by printing more money. This in turn will benefit safe-haven assets which perform well in inflationary periods.
Bitcoin Better Than Gold
Still, 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. In his write up, Fitzpatrick notes:
Gold has restrictions such as storage, non-portable, and could possibly be even called ‘yesterday’s news’ in terms of a financial hedge. Bitcoin is the new gold.
To support this view, the Citibank boss cites some of bitcoin’s key attributes which include the digital currency’s “limited supply, ease of movement across borders, and opaque ownership.” Consequently, Fitzpatrick believes more investors will choose bitcoin over gold as a result.
Meanwhile, Fitzpatrick predicts that bitcoin will be subjected to more regulatory constraints going forward. However, unlike other digital currencies such as central bank digital currencies (CBDCs), bitcoin cannot be confiscated, therefore making it a more secure asset.
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