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Citibank analyst Tom Fitzpatrick validated his bias using advanced technical analysis on the world’s flagship cryptocurrency, anticipating that Bitcoin will skyrocket to $ 318,000 by December 2021.
The best banker further explained why Bitcoin is poised to be the clear winner in a world struggling with the economic and fiscal impacts of the pandemic.
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“The second (and in my opinion) more ‘monumental’ guide was the indication that with the economy / inflation and employment picking up, they will not try to limit monetary policy in the same way they did in the post-era -Volcker. This shift in monetary policy and simultaneous openness in fiscal policy is (despite protests to the contrary) MMT [Modern Monetary Theory] in all but the name and with a clear intention to devalue the FIAT currency “.
Tom Fitzpatrick also hinted at the odds in favor of Bitcoin;
“Bitcoin is an asset with a limited supply. It’s digital… It moves easily across borders and ownership is opaque… Today’s massive fiscal deterioration comes at a cost in the future, directly or indirectly. Directly it is that at some point “the bills must be paid”, which means that in the future the money must be found. While Bitcoin may be subject to further regulatory constraints in the future, it is a natural reserve of “money” to avoid it. “
READ: IMF: The global economy is now expected to decline by 4.4%
What does it mean
In an interview with Stansberry Research, the former hedge fund manager as seen on Youtube, he revealed that the global economy was moving from the “hope phase” to the “insolvency phase” as global investors realize that the economy will take much longer to recover from the COVID-19 pandemic than expected.
He said: “There is no stimulus around and we have more problems to deal with in Europe, the US and elsewhere, and companies don’t have enough cash flow. They are closing in droves and that’s what I call the “insolvency phase” “
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That said, another compelling reason why Nairametrics believes flagship cryptocurrency valuation could certainly rise is the high global quantitative easing program that will push Bitcoin prices in an instant.
