Breaking down a recent Citibank report that has Bitcoin Twitter salivating and skeptical at the same time.
Today on the Brief:
- Moderna trial success drives markets up
- New all-time high in negative-yielding debt
- Jay Clayton to leave SEC
Our main discussion: Citibank - BTC $318,000 in December 2021?
That’s the prediction of one Citibank exec in a report called “Bitcoin: 21st Century Gold” sent last week to institutional clients. In this episode, NLW breaks down the report, including the macro justification that sets the stage as well as the technical analysis that led to these numbers. Ultimately, he argues that what matters isn’t the report’s predictions, but the fact that its very existence suggests a shifting narrative for institutional buyers.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.