BTIG strategists say cryptocurrency has come of age, and bitcoin ought to attain $50,000 by the tip of 2021.
Bitcoin surged to a new record Monday, topping its 2017 excessive of $19,800, in response to knowledge from Coin Metrics. The unstable cryptocurrency crossed above $19,000 final week however fell again to about $17,000 on the finish of the week, earlier than bouncing again over the weekend.
The strategists initiated protection of digital belongings final week and mentioned the marketplace for digital currencies could be very completely different than when frenzied buying and selling led to a “blow-off” high in 2017. Since then, it has grow to be accepted by main traders, companies and governments, particularly China. Bitcoin additionally has a finite provide of about 21 million.