The head of the international bank CitiBank Tom Fitzpatrick called bitcoin “digital gold of the 21st century”, giving an optimistic forecast for the growth of the asset rate to $ 318,315 by the end of next year.
He recalled that after World War II, 44 countries signed the Bretton Woods Agreement, which determined the transition of the US national currency to the gold equivalent. However, after a period of gold rush in 1971, when residents of the country began to actively exchange banknotes for precious metals, the country’s leadership decided to break the link between the national currency and gold, which became a powerful driver of price growth for the latter. Thus, the head of CitiBank compares the current inflation as a driver of growth in the price of bitcoin. “The asset is a kind of response to the 2008 crisis, which drove monetary policy towards zero interest rates,” said Tom Fitzpatrick.
Currently, the difficult situation in the global financial system caused by the global COVID-19 pandemic and the related government measures create a market environment similar to that of the 1970s. “Take a look at the price movement that has been at the outlined upward channel for the last seven years. It is likely that it will repeat the trend of the last rally of the instrument in 2017, ”concluded Tom Fitzpatrick.
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