Bitcoin Bull Market to Continue in 2021 as Citi Predicts 20% Dollar Crash

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Earlier this year, Nasdaq-listed MicroStrategy converted its $425 billion worth of cash reserves to Bitcoin. Explaining its bold call to invest in an asset that remains notoriously volatile and unregulated, the firm’s CEO Michael J. Saylor said it has a better “long-term appreciation potential than holding cash.” Many analysts agreed that MicroStrategy’s investment in the Bitcoin market prompted many other corporations, investors, family offices, and asset managers to look at the cryptocurrency from a different perspective: that of a store of value asset that can protect its holders from inflation. Now, many of them have openly admitted that they have purchased Bitcoin. The result is visible across the cryptocurrency’s spot and derivatives markets. The BTC/USD exchange rate is now up by almost 150 percent in 2020, having topped near $18,500. Analysts expect the pair to continue its rally towards $20,000, its record high established in December 2017. Bitcoin is trading…

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