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Leaked Report Says Price Of Bitcoin Could Hit $300,000 Next Year

by : Hannah Smith on : 23 Nov 2020 15:17
Leaked Report Says Price Of Bitcoin Could Hit $300,000 Next YearPA Images

Remember a few years ago when everyone was telling you to get into Bitcoin? Well they might have been right, as a new leaked report suggests that the price of the cryptocurrency is set to reach new heights over the next year.

Wall Street analyst group Citibank has suggested that Bitcoin could soar to as high as $300,000 by the end of 2021, blowing its current value out of the water.

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Good news if you managed to pick up the currency when it was valued under $5,000 as recently as March of this year.

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The prediction comes as Bitcoin is experiencing a surge in current markets, rising in value from $10,000 to $18,000 in the last month alone. The cryptocurrency is currently sitting at its highest level since 2017, when it hit the $20,000 mark, before dropping over the next few years. Back then, some investors were quick to announce that the Bitcoin boom was over, and if this new report is to be believed, it looks like they could end up seriously regretting dumping their stock.

Bitcoin is the best known of the cryptocurrencies, but it’s not the only one seeing an uptick, with Ethereum, Ripple, and Litecoin all rising by between 10-25% over the past week. Citibank’s report echoes claims over recent years that the digital currency is set to become a high-value asset similar to cash and gold, The Independent reports.

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The report, titled ‘Bitcoin: The 21st Century Gold’, says:

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),

This move could potentially peak in December 2021… Suggesting a move as high as $318,000

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Incredibly, if this run was to become reality, it would only be the third highest rally Bitcoin has experienced in it’s short-but-eventful history.

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The report says that Bitcoin could be a particularly attractive investment during this time of financial uncertainty. The number of Bitcoin is limited to 21 million, meaning it can’t be affected by inflation measures often used by governments during periods of economic instability, and so may be seen as a safer bet than traditional currencies.

Long-term Bitcoin supporters have often been mocked for their enthusiastic backing of the currency, but if this report is to be believed, it looks like they could be about to get the last laugh.

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Topics: Technology, Bitcoin, cryptocurrency, finance, Now

Credits

The Independent
  1. The Independent

    Bitcoin price could hit $300,000 in 2021, leaked Citibank report states