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BNY Mellon Thinks $100K for Bitcoin Isn’t Strange

Bitcoin is doing extremely well as of late. Many analysts are contemplating whether the world’s number one digital currency by market cap could potentially reach a six-figure price of around $100,000 or more by the end of the year, and now it looks like Wall Street is beginning to get interested in this idea.

Bitcoin Just Keeps Getting Bigger

In the past, Wall Street players and banks have often dismissed bitcoin and its fellow crypto mates given that they were volatile and extremely risky. The fact is that they still are, but the good news is that many people are willing to overlook these aspects and accept crypto as a new store of wealth; something that could potentially keep one’s portfolio safe during times of economic strife.

This new attitude came about during the peak of the coronavirus pandemic in mid-2020. At the time, traditional markets were falling like crazy, and many people were looking for new assets that could ensure the stability of their portfolios. With fiat currencies like USD suddenly so prone to inflation and other problems, they turned to bitcoin and have not looked back.

Since then, many institutions such as MicroStrategy and Tesla have purchased billions of dollars of the world’s primary digital asset, and this is helping the currency reach mainstream status. Banks and Wall Street players have no choice but to take the currency seriously at this point, and it appears many players agree that a six-figure status for the currency could potentially be achieved by the end of 2021.

BNY Mellon – one of the oldest and largest banks in the United States – recently announced that it would be offering crypto custody services to many of its clients. In a report issued roughly two weeks ago, the bank writes the following:

The stock-to-flow ration is one of the more interesting valuation concepts and is worth understanding despite its flaws. In many forms, the stock-to-flow model is elegant (and potentially flawed) in its simplicity. It provides that relativity to link bitcoin with a much more established gold market/ framework.

The stock-to-flow model has been subject to controversy over the past few years given that it was submitted anonymously through a person on Twitter. Very little is known about this analyst other than the fact that he goes by the name “Plan B.”

There Are a Lot of Factors to Think About

Still, BNY Mellon is not willing to just dismiss it outright. The bank is also considering several other BTC models as it looks at where the asset will go in the future. Its report states:

The largest financial market is the global currency market. Currencies have been utilized in one form or another for centuries, yet to this day, there are still several competing models for currency valuation, each with its own strengths and flaws. Ultimately, bitcoin valuation will likely be a combination of several models and be constantly evolving.

The post BNY Mellon Thinks $100K for Bitcoin Isn’t Strange appeared first on Live Bitcoin News.

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