Tom Fitzpatrick: „Bitcoin will spend $300,000“

Von | 3. Dezember 2020

Citibank manager Tom Fitzpatrick believes that by 2021 Bitcoin will pass the $300,000 mark. A rather encouraging prediction.

Tom Fitzpatrick, managing director of Citibank, indicated that the price of Bitcoin could reach $318,000 by next year. Due to the economic uncertainty and comparing it to the gold market for the 70’s.

In particular, Tom Fitzpatrick based his prediction that Bitcoin would reach $318,000 on an analysis of previous market highs and lows. This compares with gold yields in the early 1970s.

Tom Fitzpatrick indicates that Bitcoin will reach $318,000

True, this is not Fitzpatrick’s first price calculation. As Larry Cermak, a researcher in the crypto coin industry, pointed out, Fitzpatrick has made questionable price calculations in the past. For example, in 2013, he claimed that gold was headed for $3,500.

Indeed, through a report aimed at Citibank MD institutional clients. Fitzpatrick compared Bitcoin’s first big upward run, between 2010 and 2011, with the rise in the price of gold in the 1970s.

In the report „Bitcoin: 21st Century Gold,“ leaked on Twitter on Nov. 13, Fitzpatrick assessed the shortage of Crypto Method. Especially, assuring that we are in a digital age. He argued that „gold is a 21st century asset“.

Similarly, Tom Fitzpatrick considered the ability of Bitcoin owners to easily transfer value around the world important. In other words, Bitcoin’s degree of privacy is seen as part of its value.

The Citibank report

Citibank’s analysis contains a price forecast for next year. It states that we could see a new record for the price of Bitcoin in 2021.

Specifically, according to Tom Fitzpatrick’s estimates, by December 2021, the price of Bitcoin, would be over $318,000.

Questioning the report

There are those in the background who discuss the Citibank report. Specifically, because of positions of the same bank with respect to Bitcoin in the past.

In this regard, the @CryptoWhale account wrote: „That the big banks are getting optimistic about Bitcoin, should be a concern to you. Therefore, they have ulterior motives“.

However, most of the comments on Twitter focus on Tom Fitzpatrick’s price prediction. Let’s hope he’s right.

To conclude, I leave you with this quote from Niels Bohr: „Making predictions is very difficult. Especially when it comes to the future.