Deutsche Bank just said that these days, Bitcoin is too big to ignore. Check out the latest reports coming from the Daily Hodl.
The bank says that that Bitcoin’s rise above the $1 trillion mark proves that the king coin is here to stay.
In a brand new report, the banking giant said that they are expecting BTC to remain very volatile amidst high level of speculation.
Bitcoin is here to stay, but so is its volatility
“In the short term, Bitcoin is here to stay and its value will remain volatile… We estimate that less than 30% of transactional activity in Bitcoin is related to payment for goods and services, with the rest largely used as a financial investment.”
The report says Bitcoin “should continue to rise” based in part on its adoption among institutional investors.
“At the beginning of 2017, Bitcoin prices were below $1,000 per coin. In December of the same year, Bitcoin reached nearly $20,000,” the notes say.
The same notes continue and reveal that “Then came the fall and by February 2018, the price had dropped to $7,000. In a year only, prices surged from $4,900 in March 2020 to hit a new high of $60,000 last Saturday. One of the most important factors driving Bitcoin’s increased demand was the entrance of hedge funds and other institutional investors.”
The report also addressed the Millenials.
According to the notes, “Future generations may usher in mass adoption. The older people we surveyed had fears about cryptocurrencies, found them harder to understand, believed they create volatile financial bubbles (like the dotcom bust), and saw them as low-liquidity financial instruments. A third of those surveyed had no idea how cryptocurrencies work, and 40% had only a partial understanding,” the notes say.
We suggest that you check out the complete report in order to find out more available news. Stay tuned for more news.