Only 12% Of Deutsche Bank Clients See Bitcoin Over $100K Next Year

Bitcoin is the one asset everyone in 2020 is talking about whether they are for or against the cryptocurrency. Naysayers are out in full force, and supporters are stronger than ever and growing by the numbers – even enlisting celebrities, hedge fund managers, and more.

Top analysts from both crypto and traditional finance, along with the asset’s biggest believers, expect each of the rare coins to reach prices of as high as $400,000. But why then do only 12% of Deutsche Bank clients responding to a crypto-related survey see the price per BTC reaching $100,000 or more? Are these clients way off, or are the recent skeptics of the stock-to-flow model correct, and the cryptocurrency will vastly underperform against expectations?

Contrarian Investing: Will Too Early Of Euphoria Preemptively Kill The Current Crypto Bull run

Some of the greatest investors the world has ever known built their fortune on contrarian strategies. Warren Buffett was an advocate of being fearful while others are greedy, and vice versa. Baron Rothschild is credited with the “buy the blood in the streets” quote. And John Templeton warned that “bull markets are born on pessimism, grow on skepticism, mature on optimism, and die of euphoria.”

Black Thursday in 2020 was about as pessimistic as things could get for Bitcoin, an asset that for the first time was threatened with crashing to zero. It took shutting off derivatives platform BitMEX’s liquidation engine to stop the cascade effect causing the collapse.

Related Reading | Why Investors Are Spending Stimulus Checks To Buy Bitcoin

As the asset recovered ahead of its halving, crypto investors remained skeptical given the sudden impact on the global economy the pandemic had. Throughout the rest of the year, talk of Bitcoin “maturing” into a respected financial asset became the norm thanks to the digital gold narrative and the asset’s outperforming every other traditional asset in a year when…

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