Bitcoin Forum

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This is really positive if the director of city bank is saying things like this since most of the time it's negative news about Bitcoins and then people get wrongly informed.

But even that aside.

I do believe that it's worth more than gold in the time of the pandemic. Some reasons :

1. We are seeing this positive uptrend which is beneficial for the holders giving them a passive income
2. People are able to continue their jobs online for example : signature campaigns where they are paid in Bitcoins , now it wouldn't have been possible without crypto and a good social network 
3. Trading is earning people income even during the low tides
4. Even governmental bodies are earning profit through Bitcoins and their online gambling sites , now this is even contributing in the economic growth.

I would for sure have some Bitcoins in contrast to gold of the same value since I know that for sure that Bitcoins are here to stay and it's not just at the time of inflation of the price that we should realize it's importance but all year long I believe it have supported various business and even helped in charity events during the time of pandemic.

This is just the citybank's director realizing it's importance now.

Coming from Citibank which is a prestigious banking institution on a global scale, this is something not so easy to just dismiss. One thing we can learn here is that financial institutions are now embarking on a journey that can take them to  new heights with cryptocurrency. However, we know that banks are here for the money, nothing more nothing less. They must have realized that there is a big money to be made with Bitcoin and they are now starting to make a big stake. Can we then expect more big banks to get more friendly and open to Bitcoin? Yes, of course.

Many bankers must have been stockpiling bitcoin without admitting this in public. Remember Jamie Dimon of JP Morgan and his anti bitcoin speeches in the beginninig. The report is probably a sign that Citibank will join crypto-business too, they can't miss a profit opportunity.

The acknowledgement given by citibank will inspire other users who are not into cryptocurrency and a all time believers of banking system. This will help them realise that there are more better investment than putting their money all along in banks which may never grow in time if they will do a research after reading the article. There are already banks in my country which have bitcoin Atm or allows withdrawal of bitcoin like Union Bank sooner more will be open to idea of having bitcoin in doing transactions.

I'm a little scared.  

If the price of bitcoin rises to $ 318,000, what will be the consequences?  It can be assumed that hackers will start hunting for coins (satoshi) of users of the Bitcointalk forum.  New computer viruses (worms and Trojans) will appear.  People will stop trusting each other.  The governments of the countries will pass laws on confiscation of cryptocurrency, as was the case before with gold.  The largest reallocation of capital in history will take place.

I would have preferred that the rise in bitcoin prices was not that fast.

Nice job again bro. bitcoin is the 21st century gold.  I also agree with this.  still an early stage for bitcoin.  bundsm A much different bitcoin may be waiting for us in 10-15 years.  We, those who met early, should feel lucky and invest more at this stage.

Regards :)

Unionbank has also been eyeing to get part of digital currency but for now I think it stop.

Bank can actually make digital currency as their reserve asset like gold but banks should only consider bitcoin because this is the only crypto that has always been recovering even at the All time low in the previous year. If that other banks will going to follow then pretty sure banks can make much money more than what their clients will be receiving as interest rate of growth for depositing money in their institution.

I have what I think it is a nicer version, sourced by a document I was able to get first hand:

Feel free to use it in the OP.

Before people start yelling "scam!" or "how convenient!" you need to know how investment banks run their investment advice operations.

Investment advisors who publish research operate independently, so to speak, from the bank. They work for the bank but they're paid to produce analysis out of their office (with their teams) in whatever way that analysis drives investment recommendations.

So Tom Fitzpatrick here can have an incredibly bullish opinion on Bitcoin...as he should, obviously. While Steve Weiting, Citibank's Chief Investment Strategist can preach "proceed with caution" type sentiments separately. Take this analysis as it's own research paper, forget about the bank that backs it unless you need that to lend credence to the fact that the analysis is thorough and rigorous...more so than you'd see form some reporter with Coindesk. (no offence to Coindesk).

When Big Banks start to recognize the value of Bitcoin it is a very, very good thing. It's taken years to get to this point. Adoption of new technology is slow, especially when that technology will drastically impact something as significant as the financial system.

Very true, even if I often question how thick those Chinese walls are when you read those types of analysis.

Anyway, I liked the most the written part rather than the hopium graph, of course.
While the graph is obv bullshit, like all technical analysis, the written part is very well written and summarises a very solid investment thesis on bitcoin, and why anyone should put a given percentage of their assets on it.

I'm hoping some of the analysists are female ...I want her/them/all to have my 'baby' ASAP! ....this is of course,

as a group, backed the report of the Citibank report that said the $318,000.00 BTC figure!

I did, however, wet myself with 'joy' on originally reading this with my usual Bitcoin 'google' of the last 24 hours.

It is 'scary' indeed...when the Citibank analyst 'newbies' are all hyped up on BTC/Crypto 'hopem' in massive quantities beyond my original 'hopem' in 2013.

The BTC/Crytop Kool-Aid is 'strong' indeed...in 2020..perhaps you need to really slam the stuff to have an effect!

Might have to get a refill of the BTC/Crypto Kool-Aid....

Naw...guess I'm too old now in HODL'er years....would be like trying to get drunk

on Boone' s farm apple wine again...too sweet...too late....I'm too fricking old...it is nice to watch..hope they are correct...all them 'staid'

Citibank 'wild-child' types! :) Wow! Hell, what does this mean if they are even 90% off by the end of 2021..that is still $31.8k BTC for crying out loud!

Again. Wow!

Brad

It is very good that an analyst from such a famous bank makes such an analysis. I don't know if his prediction of reaching $300,000 will be accurate, but it is in line with the vast majority of predictions today: it can only go up.

We just need to get the general public massively interested in bitcoin again, and that won't be long in coming.

Everything is changing with a rapid speed. New things are likely to be invented in just a few months. Gold used to take many decades to have the current price while bitcoin only few years from being worthless to one of the biggest asset in the world. The technologies and the promise to connect the world in a global scale makes bitcoin become hotter than ever

However, this can easily create a FOMO that destroy a stability of the current uptrend. A significant increases can turn everything back to 2017. I really appreciate what banks and famous people gives out their analysis over bitcoin. I just hope that the circumstance is not same as 2017 when so many ignorant people were lured by FOMO and stupidity.

I think a lot more people see Bitcoin as a stored value waiting for your buy-ins to it. Most of the investors probably would want more with their money. Investing in Bitcoin would be ideal for anyone if they see the "projected" value of it. One of the reasons why it's going to be true is what Bitcoin could bring in the long term.

People should be reading this and know what could happen to fiat in the future. Conserving an increase in value would be the best thing that could happen when investing in crypto.

More and more people are getting involved in the crypto space, which is great for adaptation. That's the biggest takeaway for me here, and more Citibank clients could be interested in it.

They are smart and they don't want others to outsmart them. But just to be sure, we don't have to be the first one to be excited on this, just like the fear of others when the banksters are talking positive about bitcoin, there seem to be an upcoming crash.

I hope that I'm wrong with that assumption but it's fearing to hear everyone becomes bullish. Although the facts can't be denied that we're really becoming bullish but just to be safe, watch as the market shows a bullish sign.

By what they post is obvious that managers of those banks are already stacked with Bitcoin. Now they shill it to sell on the pump next year. Poor people that will take loans to buy on that pump at $100k+ .

To summarize everything:
1.Money printer machines will go full speed/maximum capacity until the end of the current financial system...
2.Bitcoin and Gold prices will go thru the roof in 2021.
3.Central banks might create their own digital currencies,but this we can't be 100% sure about that.
4.Fiscal policies and budget deficits will dig a financial 'supermassive blackhole'(which is good for assets like gold and Bitcoin,because it creates inflation).
So far this "analysis" makes sense,but what if the investors run away from gold and Bitcoin after the end of the covid pandemic?
I believe that the current Bitcoin FOMO/hype phase will be over next year and there will be a price correction.

My thought exactly when I saw this . I can't take seriously these kind of predictions as its nothing but a bs. Sure, some will guess it correctly (like Tim Draper) but there is prediction  for basically every possible price. They achieved their goal and all news portals are sharing this guesstimate. Earlier today I saw one guy commenting under one of those articles asking if he should buy BTC now, worrying that he is too late. Fomo is kicking in as we are reaching previous ATH.

In the similar topic in Bitcoin Discussion board @mk4 shared an interesting prediction from that Citibank guy Tom Fitzpatrick that he made back in 2013 about gold and silver, where again he was bullish and expecting big price increase, again comparing gold bull run from 1970s, like he is doing now. I would like to see some of his previous BTC predictions, just to see how god he was.


I mean, of course it would be great if BTC reaches that, and all here (me included) are bullish in the long run and believe one day BTC might reach similar price, but by the end of 2021 to reach 318k? I don't think so. It's a long way from where we are now to that level.

well, of course there will be more and more people who are interested in cryptocurrency because more and more people are talking about it and I think that many digital currencies that are currently circulating are adopting blockchain technology which is very good and can be the best reference so that it can increase the use of cryptocurrency.

agree, there should be more and more people in the crypto industry, and that should brought us to rising prices, since projects values will certainly go up, and fiat value is going down with each new money printing activity
BTC is currently on the rise, and could reach ATH before the end of the year, although market cap ATH is already reached, since there is more BTC today than at the end of 2017, so quantity on this price is more than lower quantity with 2017 prices

ATH price is the next step, and could come soon, with this tempo

Well, any nation can easily save its fiat currency by keeping supply of the fiat low and demand high. I would detach alot from foreign consumption and focus more on local products/services. Encourage your local entrepreneurs and business people (both small, medium & large scale businesses) to produce things locally in large quantities without compromising on good/quality standards. Just try as much as possible to reduce foreign goods consumption. They should come to your countries to establish the businesses. Focus more on good basic things that much of the population depends on.

In Addition to this^

If money needs to be printed, alot of it should go to many businessess (Small, medium, big businesses) that are local & exceptional and don't compromise on the good quality of their products/services, while remaining relatively cheap in price. The businesses should be chosen based on merit. Their owners should be good at making things faster/quickly manually or with equipments that are easy to make(*without compromising on products/services standards)
Such businesses should be helped to develop/expand with printed money and they should also be willing to take in apprentice/students.

I wish lots of the merit-based selections and distribution of funds are done on well decentralized system/network.

This is not something that I find shocking, bitcoin has been the gold of new age for a while now and considering we have moved to a institutional investment period in crypto world, I can easily say that bitcoin itself could worth however much we want but there is this situation where crypto related companies and investments reached to a new all time high, there are billions of dollars worth of money made per month from all those crypto related companies, from as big as binance to as little as faucets, when you put all the profits together it is a gigantic market all by itself.

This is why I believe it is highly important that we realize that bitcoin world will be bigger than gold world because there are not that many gold related companies, there are some but it is not diverse like we are, they are all similar to each other whereas you can start millions of different crypto companies.

Although it is really lovely to see that almost all the institutions and banks now recognized Bitcoin potentials but they only join to make up for the lost cause by the economic meltdown so more banks will definitely join the crypto investment. But, I hope the crypto community and investors understand that once the Bitcoin market makes a new ATH market the institutions and other private companies that choose to invest in Bitcoin may decide to dump their holding which could lead the early market correction.
Let's set aside good capital to accumulate when that happens.

Nice job putting this together.  I had heard Citi was bullish on bitcoin but wasn't exactly sure what they were saying about it until now.  I think this goes to show how far the adoption of bitcoin has truly come. When you're getting financial money transacting businesses such as PayPal and Citi Bank, that says a lot, as they never wanted anything to do with bitcoin initially.

Seems to me as if I've heard all of this before--maybe not by Citibank, but nothing in that statement is original.  Pretty much every bitcoin bull has been saying the same stuff since the beginning of bitcoin.  Same goes for gold bugs, too.

On the other hand, even though I'm unimpressed by this, that doesn't mean other folks won't be or that it's not a bullish thing for bitcoin.  In fact I do think this is pretty bullish that a major bank's analysis of bitcoin's future is positive, because a lot of people who might otherwise not have given it a second thought are probably going to read this.

And wouldn't you know?  Bitcoin is above $16k as I write this.  Yowza!

Hackers are already trying to get your coins but they were trying in 2017 and 2018 too when Bitcoin was above 10 thousand dollars. Do you think that having 1 Bitcoin in 2019 when it was worth less than 10 thousand dollars made you safe from hackers? If they had a way to get your coins they would do it in an instant and take everything without regrets.

I'd be more worried about people around you knowing that your bitcoin is now worth 200 or 300 thousand dollars. For many people it's a life-changing fortune.


$17740  8)

Despite the fact that this statement about digital gold is not original and new, it is still worth reminding about it as often as possible in order to form the right mood among investors ;) There is also a big difference when such statements are made by a little-known expert and quite another when such statements are made by such a solid organization as Citibank, whose opinion is listened to by many investors. And indeed, even if this does not impress you, then let it impress others and send the exchange price to heaven ;)

I agree with your sentiments. All this is a repeat of previous runs. It was clear that while Dimon didn't openly support crypto or Bitcoin itself he was clearly taking a stake almost like a little gambling on the side. If crypto fails his bank wins. If crypto wins he makes money.

The fact that this info got released by Citi means that they already loaded up on whatever Bitcoin they wanted, probably bank when it dipped below $3k. At this point any cheerleading you see is people looking to sell - the question is will $20k bagholder be made or $100k because you know it will go down again, and of course up again after that.

^ The best thing that here is that the future for bitcoin is almost at hand since more and more banks are starting to adopt it in their company. As a form of promotion to cryptocurrency this report from Citibank will make another huge leap for cryptocurrency and will make a way for it to be embraced by everyone which leads to global adoption. Though there are also disadvantages on this like more hackers and scammers will come especially if the bitcoin value will really reach a hundred thousand dollars and even the government of every country will do everything to have control over it which may break the idea of decentralized currency.

You may think that local production is a great solution but having local production could cost a lot more for a very long period of time until it is optimized. Why do you think people buy from china? Just because they are cheap? They could be known as Chinese made and low quality stuff back in the day but these days you can buy the highest quality products from china without a worry, hell apple products are made in china and they are as durable as any and still cheap.

So, if you move to local production on as many thing as you can, that would mean you are going to cough up a huge startup capital cash into it but also would have to pay premium prices for it at the same time, and would hope to sell it to other nations to make it back. This could take decades until it could be perfected and decades in a nations economy is not short period of time.

People has been predicting $300k for 2021, how sure are they about this, and will the price continue to increase after it reaches a new all-time high price that is a bit above the $20,000 mark? Won’t there be fear in the market that will lead to people selling to again and the price dropping back?

I know it can be possible but saying it’s going to be 2021 is kind of unbelievable, so they are trying to say that we will be having a steady bull trend till it reaches the $300k mark, so what happens then? Will it fall back or continue from there to $1 million or what?

Let me quote some guy from Twitter who is allegedly familiar with this note from Fitzpatrick (I looked through the thread and didn't find anyone mentioning his twit yet). So here it is (link (https://twitter.com/classicmacro/status/1327385165379887105)):


I think his reply sums it up pretty well

As I said in my above post, Fitzpatrick wrote a decent article, but of course all the focus was on the moonish target he came out with some badly drawn lines on a chart.
That target is nonsense, it is more than three times the value of the S2F model (something never achieved after 2013).
Apparently had more value than all the reasoning about parallels with Gold in 70's and all the debasement reasoning.
 

Citibank is more prestigious than other banks is in high demand and has a lot of advantages in Bitcoin transactions. Bitcoin is more in demand than gold. In response to this global epidemic, Citibank, like other domestic and foreign companies, is bringing innovation to its products and services and adding a touch of technology. This time Citibank has come up with a fancy and easy mobile application keeping in mind the convenience of their working capital finance customers. There will be no fear in the transaction and it will take Bitcoin to a higher price.

Damn that are pretty nice news. I think chart analysis can give a good indication for future price levels. We have already seen a good run of bitcoins in the last few weeks, making almost 70%. If such a trend continues through out 2021 I think prices of above $100,000 could be very likely. Citibank is a leading international bank with a lot of followers on their predictions.

Investment, it’s one thing that is very important, and Bitcoin is one of the best assets anyone can be holding right now. Although I don’t really expect everyone to be holding, but those who knows about BTC and are not investing in it are going to be regretting why they didn’t ,because by the time the price gets to where it’s heading to now it will be late for them.

I am happy I was able to convince my friend to invest when the price was down, and he just called me last week when the price was increasing more than he expected and was so excited that he did invest.

Nobody denies the fact that it was a bit of a hyperbole, it was just saying people that as citibank we are now fine with bitcoin and we like it and we are not going to be against it. This is what it establishes right now.

Until citibank starts to do something with it, for example invest heavily into bitcoin, we are not going to really have any changes just because there is a report that says "bitcoin is good", we all know it is good, so this is not a news to us, this might be good for the public because they will see that even citibank is accepting that bitcoin is a good thing and some outside people who didn't know if they should trust bitcoin or not wouldn't really be involved with otherwise but may get involved now that citibank says it is good but number of those people must be very little.

The best thing here is that the future for bitcoin is almost at hand since more and more banks are starting to adopt it in their company. As a form of promotion to cryptocurrency this report from Citibank will make another huge leap for cryptocurrency and will make a way for it to be embraced by everyone which leads to global adoption. Though there are also disadvantages to this like more hackers and scammers will come especially if the bitcoin value will really reach a hundred thousand dollars and even the government of every country will do everything to have control over it which may break the idea of decentralized currency.

I think it is the same old same old, whenever BTC/Crypto takes a run at All-Time Highs, finance and gov't set in to try and slow it down. Either by regulations

to disrupt price or slow down adoption. Rinse/Wash/Repeat.

https://blockchain.news/news/coinbase-ceo-warns-exiting-president-trump-may-drop-crypto-wallet-regulation-bomb (https://blockchain.news/news/coinbase-ceo-warns-exiting-president-trump-may-drop-crypto-wallet-regulation-bomb)

today

https://www.coindesk.com/brian-brooks-crypto-clarity (https://www.coindesk.com/brian-brooks-crypto-clarity)

Anyway, the 'usual' vague or misleading regulations that will have to be tweaked in that will likely will be rushed out as 'un-doable' and will spend 6 months at flat/down or sideways price

on BTC/crypto until resolved. I can tell you right now if we have to do KYC on anything going through a USA exchange....well...I'm out and using foreign exchanges with regular KYC then.

Seen this tune before, get some fiat together to buy in at the low. How the big money and it link to corporations and powerful...play the BTC/Cryptosystem.

In my own view, before the above tricks by gov't and regulating exchanges, we would be over $20k at the end of 2020.

As it is now if we just wait say 4-6 months for this all to get resolved in an adult manner my best guess  at what is likely to be a confusing or undoable regulation and  (hopefully briefly)

about $12k BTC. If regulation is 'doable' in some manner BTC'/crypto would bounce right back price-wise. We will see I guess withing the next 6 weeks before the changeover  to the

Biden Administration...and we get back to ATH areas. So, I'm making the 'call' cheap coin boys....between FOMO and Regulators..I'd settle for 'sideways price-wise till tweaked/resolved) 

IMHO, the above is 'speculation' but I'm betting a bit more and a bit odd to boot.

Shit flows downhill, and BTC/Crypto has 'scared' the shit out of everyone of any wealth/power/banking...so time for the 'traditional' 'for your own good" slapdown! Cheap coins!

Brad

I have been following the predictions made by CitiBank CEO for a long time and there have always been good predictions. we need to follow this guy more.

It works when people wants it to work and it fails when people wants it to fail. If you see a resistance at a high price, go that far and not go beyond it, it is not the resistance that made you stop, it is the people who stopped at that resistance, they have very well easily the option to go above it, if the sellers withdraw their orders and buyers increased theirs and continued without withdrawing, the price would have been increased over resistance price without a worry, which happens time to time as well and breaks well over resistance points, multiple of them in a single run.

Same goes for support, as long as people with bitcoin keeps selling bitcoin and there are no buyers, the support line can't hold forever. This is why there are some guide points for bitcoin to move but the reality is that, it is the people that decides if we move beyond those points or not, sometimes we do care about them, sometimes we do not care about it at all.

Even banks are adopting Blockchain thats why there are some of them that is being friendly towards crypto community Because they have learn the idea
that Crypto is not Against Fiat and this market is going bigger and bigger that they might have the opportunity to Get a Slice of cake from crypto.

Look how they are acknowledging Bitcoin and other alts now when at first total denial is what they do.

Well, I was really stunned to read this passage. How can the value of Bitcoin rise more than x10 while the economy is in a heavy recession? There have been many people using TA for long-term analysis but most of them are wrong. To have a value of x10 in the future, it needs to combine both FA and TA to be able to make an accurate statement.

Once again I was disappointed with these celebrities, they played the role of fomo and only knew how to redeem themselves. I really do not appreciate this CitiBank comment because it is not realistic!

I also wanted to say in a similar vein that the difficult economic situation on the contrary can help spur the rise in the exchange rate price of bitcoin, because indeed investors can consider bitcoin as a protective asset due to its potential deflation and limited issue. Also, do not forget that the main means of fighting many States have chosen to print a lot of money, which can also help to raise the exchange rate.

Regulations are something we need to be careful against because they are there to slow it down and make people not get rich all of a sudden to challenge authority without paying for it.

However regulations are there to make sure you are protected as well, so at one side you are protected by governments with regulations so that your money is safe and you are not going to bankrupt as easily or get scammed or hacked that easily and will be compensated thanks to regulations allowing insurance companies to work with you, these are all awesome.

But, you are losing that advantage of crypto gives you to be off the grid from financial world while still making you a ton of profit with multiple rates of return for your investment in any moment it could happen.

Many banks probably have reports on crypto that wasn't made public, and many of them probably talks about the same way, it is something that has a great potential but very risky as well. The decisions to get involved with these things are done by people who are at the top and they are usually old people as well, so it is going to be something very tough to get these huge companies involved with crypto.

Look at Warren Buffet, dude rarely gets involved with stocks he doesn't understand and that is in the stock world he is so mastered in, you think he would go into crypto? At ripe young age of 90?? There is no way that world will go towards billions of dollars into crypto that quickly, we need some younger generation at the top of these companies for that to happen.

From the first moment in which the stablecoins digital of the governments begin to come into operation, more digital coins will come to enter the game.
It is a matter of time to see the announcements of the banks because times have changed and they have shown that they need to evolve to new technologies such as blockchain.
Bitcoin opened the gap by creating a monetary network and is now more visible to everyone and will make banks adjust to it.