Citi Wealth Expert: There is no Doubt Bitcoin Will do Well
In a recent interview with Yahoo Finance, David Bailin of the Citi Private Bank said there is no doubt Bitcoin will succeed because of investors' level of interest. He, nonetheless, advocates for investors to own the "real" Bitcoin, not its derivatives which he said scares him from a foundational level. Citigroup is vocal about Bitcoin and crypto. In 2020, Thomas Fitzpatrick, a technical analyst, in an investment note, said BTC could rally to $100k by December 2021.
Bitcoin price is one of the top performers, rallying over 3Xfrom 2017 peaks and currently trading at around 2021 highs at $58k. Behind this surge is a wave of demand from investors keen on buying the dip and adding BTC in their expansive portfolio for diversification purposes. David's comments are a few days after Deutsche Bank said Bitcoin's $1 trillion market cap shouldn't be ignored. The FED also said the low interest-rate regime would continue.
Impact on the BTC Price:
Bullish. Bitcoin has been a success, and more expect the coin to edge even higher due to adoption. There could be room for Bitcoin prices to rally to $100k or better in the current wave of fiat debasement at spot rates.
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