BTIG says cryptocurrency ‘comes of age,’ puts $50,000 target on bitcoin for 2021

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 information from Coin Metrics. The risky 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 stated the marketplace for digital currencies could be very completely different than when frenzied buying and selling led to a “blow-off” prime in 2017. Since then, it has turn into accepted by main traders, companies and governments, particularly China. Bitcoin additionally has a finite provide of about 21 million.