BREAKDOWN: Bitcoin at $318,000 Next December? One Citibank Exec Says It’s Possible
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 16 November 2020
⏱️ 14 minutes
🧾️ Download transcript
Summary
Breaking down a recent report that has Bitcoin Twitter salivating and skeptical at the same time.
This episode is sponsored by Crypto.com and Nexo.io.
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: 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.
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Transcript
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| 0:00.0 | For retail narratives, we look to Twitter. We look to these public social media spheres. But |
| 0:05.1 | institutional narratives have different channels. They go in more quiet back channels, private emails, |
| 0:10.8 | etc. Things like this, private reports from big banks to their clients. And if this is the way |
| 0:16.8 | that they're talking about Bitcoin now, it could have pretty significant implications, |
| 0:21.1 | especially coming up against liquidity pressures at the same time as corporate treasuries |
| 0:25.9 | are trying to scoop more. |
| 0:29.2 | Welcome back to The Breakdown with me, NLW. |
| 0:33.3 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:39.4 | The breakdown is sponsored by crypto.com and nexo.io and produced and distributed by CoinDest. |
| 0:46.6 | What's going on, guys? It is Monday, November 16th, and today we have a bit of an interesting one. |
| 0:53.1 | Bitcoin at $318,000 a coin in a year? One city bank |
| 1:00.3 | exec says it's possible. Before we discuss that, however, let's do the brief. First up on the brief |
| 1:07.0 | today, another bullish vaccine headline. Moderna is reporting 94.5% effectiveness in early |
| 1:15.3 | results. Now, this is the second vaccine to see higher than 90% effectiveness in early trials |
| 1:21.7 | in the recent weeks after Pfizer made a similar announcement last week. Stocks, of course, |
| 1:27.4 | jumped on the news because the only thing up there with the Fed stimulus trade |
| 1:32.3 | is the vaccine narrative trade. |
| 1:34.3 | Although, interestingly, they're sort of opposite of one another. |
| 1:38.3 | A vaccine coming down the pipeline makes it less likely that there's going to be the sort of political will that you need, |
| 1:45.2 | especially across the aisle in the Republican side, to get more stimulus. That said, I think |
| 1:51.2 | you're going to see this cycle play out over and over again. Bullish news in a test, |
| 1:57.0 | followed by a rally, followed by perhaps some cool off as we realize there's still a lot of time to go. |
... |
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