Global Financial Services Firm BTIG Bullish on Bitcoin and MicroStrategy – Here Are the Price Targets
BTIG managing director and digital assets analyst Mark Palmer is revealing his bullish price targets for Bitcoin (BTC) and MicroStrategy (MSTR).
In a research note, Palmer highlights the relationship between the price of MSTR and Bitcoin’s value.
“We fully acknowledge that MSTR, which last August became the first publicly traded US company to adopt Bitcoin as a treasury reserve asset, has taken a massive unhedged long position on a highly volatile speculative asset… [MSTR aims to] capture upside arising from the increased adoption of the cryptocurrency by institutional investors concerned about mounting inflationary pressures.”
Palmer’s comments on the correlation between the two assets come as he unveils a “Buy” rating for MSTR with a price target of $850 assuming that Bitcoin will surge to $95,000 by the end of 2022. MSTR is trading at around $703 with BTC valued at $59,626 at time of writing.
MicroStrategy leads all publicly listed companies in terms of Bitcoin investments to the tune of 91,326 BTC worth $2.2 billion. The company’s multi-billion dollar purchase has paid off as its BTC stack is now valued at $5.4 billion.
Palmer adds that he views Bitcoin as “digital gold” that may capture investor interest amid loose global monetary policies.
“[Bitcoin is] an attractive, non-sovereign store of value at a time when unprecedented levels of global fiscal and monetary stimulus have heightened investors’ concerns about monetary inflation and the debasement of fiat currencies.”
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The post Global Financial Services Firm BTIG Bullish on Bitcoin and MicroStrategy – Here Are the Price Targets appeared first on The Daily Hodl.
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Author: Daily Hodl Staff
