The oldest bank in the United States set a price outlook for Bitcoin

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2021-04-01 07:43:26

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America’s oldest bank, BNY Mellon, released a Bitcoin report earlier this week. The report discusses Bitcoin’s role as digital gold, among other things.

BNY Mellon, the oldest US bank, released a report earlier this week providing some comments on Bitcoin price as well as its long-term outlook.

While not making exact predictions, the report did provide some optimistic analysis of Bitcoin’s position in the global market.

The bank’s analysis mentions the popular stock-to-flow pattern following the stock model (S2FX), predicting that Bitcoin will reach $ 100,000 by the end of 2021.

Bitcoin’s all-time high is currently around $ 62,000 with its current transaction price of $ 59,000, marking a nearly 100% increase in value since the start of 2021.

Additionally, the report compares Bitcoin to gold, which is another popular story in the crypto industry. Many companies and corporations have moved part of their reserves to Bitcoin because they fear that cash and gold will be negative assets in the near future. Microstrategy was one of the first companies to enter the market for this reason. Since then, many others have joined.

Besides, report note that people are questioning the “intrinsic value” of fiat currency, which has led to considering alternatives like Bitcoin, “the valuation of bitcoin is likely to be a combination of one. model number and constantly evolving ”.

Although there is no long-term price prediction, it is still a pretty positive testimony to the asset. The bank also claims that pricing is more like “art than science” and that every model has its pros and cons.

BNY Mellon is not the first bank to discuss bitcoin. Others, like JPMorgan Chase and Citibank, have gone much further and have even set price targets above $ 100,000.

Bitcoin has been a target of ridicule banks, but this has changed over the past two years. Many banks that once called Bitcoin worthless now offer related services or call it digital gold. This could be a sign that the asset is entering its mainstream.

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