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[Symmetrick]

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[fiulpro]

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.

[DapanasFruit]

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.

[8m_zk]

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.

[dimonstration]

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.

[Smartprofit]

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.

[Ridcan]

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

[Buttermellow]

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.

[fillippone]

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

Bitcoin: 21st Century Gold
By Tom FitzPatrick

• 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.)
  
  
• The first major rally on this chart as Bitcoin came into the mainstream was the exponential move from 2010 into the 2011 high
  followed by a deep correction. This is interesting for 3 reasons
  
  
  • That surge, as it came into the mainstream, was very reminiscent of what happened with Gold as it was allowed to
    float in the early 1970’s after 50 years of trading in a $20-$35 range.
  • That period with regard to the Gold price was a structural change in the modern day monetary regime as it broke
    the orthodox relationship between FIAT currencies and Gold ushering in a World of fiscal indiscipline, deficits and
    inflation.
  • The Bitcoin move happened in the aftermath of the Great Financial crisis which saw a new change in the monetary
    regime as we went to ZERO per cent interest rates (negative in some countries) and massive QE.
  
  
• Are we on the cusp of another such structural development? A number of things come to mind in that respect
  
  
  • With the onset of a new crisis (Covid) Fiscal Orthodoxy has gone out the window (and likely rightly so for now). The
    unprecedented societal crisis that we are seeing today leaves little if any room around the World for Fiscal
    austerity.
  • The Fed (The Central Bank of the World) has given 2 pieces of very clear guidance in recent years about how
    monetary policy is being reshaped, in possibly the most dramatic fashion since the floating of Gold in the 1970’s,
    even more so than the introduction of QE in the last cycle.
  • The first guidance was before the Pandemic hit and was an assessment of the actions taken during the Financial
    crisis. If I remember the phrase correctly it was something like “better a dime today than a Dollar tomorrow”. In
    essence the conclusion was that it was better if a crisis developed to hit it hard and early rather than piecemeal
    over time- the “big bazooka” effectively. True to their word that is exactly what they did as the Pandemic roiled
    financial markets in Feb-March this year.
  • The second and (in my view) more “monumental” guidance was the indication that as the economy/inflation
    and employment pick up they will not look to constrain monetary policy in the same fashion they have in the whole
    post Volcker era. This change in monetary policy and simultaneous opening up in fiscal policy is (despite
    protestations to the contrary) MMT in all but name and a clear intention of debasing FIAT currency.
  
  
• Historically this has been good for Gold and likely will again. However, Gold has some restrictions that also need to be noted.
  Physical Gold needs to be stored, is not readily portable across borders, has paper equivalents on exchanges that may or may
  not fully reflect the actual move in Gold and could possibly be called “yesterday’s news” in terms of a financial hedge.
  
  
• Bitcoin is the new Gold- It is an asset with limited supply. It is digital (This is the 21st century- Gold is a 20th century asset).
  It moves across borders easily and ownership is opaque. That last point is, I believe, very relevant. The huge Fiscal deterioration
  of today has a cost in the future, either directly or indirectly. Directly it is that at some point the “bills have to be paid” which
  means at some time in the future the money needs to be found. While Bitcoin may become subject to more regulatory
  constraints going forward it is a natural store of “money” to avoid this. Indirectly the argument can be the debasement of FIAT
  currencies by creating high nominal growth and inflation (effectively a soft default- I do not believe hard default, particularly in
  the World’s reserve currency is a real concern. However in lesser currencies it could well be)
  
  
• Central Banks are increasingly discussing digitisation of currencies: This is a double edged sword. On one side it creates a
  much more effective mechanism for distributing stimulus (particularly fiscal) but on the other side it also makes capital
  confiscation easier (eg negative interest rates). Both these scenarios would look to me to be positive Bitcoin and in the 21st
  Century give us the digital equivalent (Bitcoin versus FIAT digital) of what we saw in the 20th century when the financial regime
  changed (Gold versus FIAT paper)
  
  
• So let us go back to the chart. After the high was posted in 2011 we saw Bitcoin retrace 93% over 5 months (not for the faint
  hearted). That was followed by a 9 year period that has been much more symmetric as Bitcoin as an asset became more visible
  and increasingly more mainstream
  
  
  • It rallied for 2 years from 2011-2013 (multiplying by an incredible 555 times)
  • It fell from Dec 2013 to Jan 2015 (13 months) by 86%
  • It rallied from Jan 2015 to Dec 2017 (2 years and 11 months) multiplying by 121 times
  • It fell from December 2017 to Dec 2018 (12 months) by 84%
  • It rallied from December 2018 to? by ? %
  
  

• If you look at the chart below and the price action to date you could argue 2 things
  
  • Timeframes for the rally are getting longer (10 months, 2 years, 3 years and next 4 years? So end of 2022.) Of course in
    doing that you likely argue even higher levels as a consequence.
    
  • You look at price action being much more symmetrical over the past 7 years or so (while still huge numbers) forming
    what looks like a very well defined channel giving us an up move of similar timeframe to the last rally. Such an argument
    would suggest that this move could potentially peak in December 2021, at the high of the channel, suggesting a move as
    high as $318k. Improbable though that seems it would only be a low to high rally of 102 times (the weakest rally so far in
    percentage terms) at a point where the arguments in favour of Bitcoin could well be at their most persuasive ever.
    
    

• Time will tell if we end up seeing such lofty levels but the backdrop and the price action we are looking at clearly
  suggest the potential for a major move higher nonetheless in the next 12-24 months.

Feel free to use it in the OP.

[HabBear]

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.

[fillippone]

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

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.

[Searing]

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

[Poker Player]

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.

[slapper]

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.

[crwth]

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.

[sunsilk]

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.

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.

[Febo]

CitiBank & Report about Bitcoin: 21st Century Gold

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+ .

[davis196]

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.

[Rikafip]

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+ .

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.

It's the same dude who made a prediction in 2013 that gold is on its way to $3,500 and silver to $100.

and yea, he was significantly off the mark.

http://www.mining.com/citis-fitzpatrick-gold-on-its-way-to-3500-silver-100-93926/[/center]

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.

[TopT3ns]

~
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.

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.