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An equity and derivatives strategist with a global financial services firm specializing in institutional trading believes that bitcoin has a place in investment portfolios. He has a price target for bitcoin of $50,000 in 2021.<\/strong><\/p>\n BTIG is a global financial services firm specializing in institutional trading, investment banking, research, and brokerage services. The firm has over 3,000 institutional and corporate clients worldwide, according to its website. Its chief equity and derivatives strategist, Julian Emanuel, talked about bitcoin in an interview with CNBC\u2019s Fast Money earlier this week.<\/p>\n He was asked if bitcoin has a place in investors\u2019 portfolios instead of cash. The chief equity strategist replied: \u201cIt is not necessarily instead of cash. It is instead of the 40% that would be the traditional 60\/40 bond allocation.\u201d<\/p>\n He explained that \u201cif the Fed is not going to permit negative rates and they\u2019ve been vocal about it, and we\u2019re starting to see signs of inflation, it\u2019s reasonable to expect that you could have losses in bond portfolios in the foreseeable future.\u201d The strategist continued: \u201cwhen you combine that with the fact that you\u2019ve got this entire cohort of young investors, the same ones that were really aggressively pushing technology stocks this summer who have 40-year investing horizons an alternative to bonds is very, very sensible.\u201d Emanuel added:<\/p>\n From our point of view, while the Fed continues to add to its balance sheet and the U.S. debt continues to go higher, bitcoin is a viable alternative.<\/p>\n<\/blockquote>\n He was then asked if companies should consider holding bitcoin instead of cash equivalents on their balance sheets.<\/p>\n \u201cIt\u2019s certainly, again, an alternative and we\u2019ve seen several of them come to that conclusion and one of the facts of life is that you really haven\u2019t been rewarded, and perhaps rightly so, in this zero interest rate environment for cash,\u201d he replied. While emphasizing, \u201cI don\u2019t know that I want to go quite that far because again that\u2019s an individual corporate management perspective,\u201d he said:<\/p>\n In a diversified investment portfolio, we do think there is a place for crypto.<\/p>\n<\/blockquote>\n <\/ins> <\/ins> <\/p>\n Emanuel has a price target for bitcoin of $50,000 by the end of 2021 which he feels is a reasonable price forecast.<\/p>\n To arrive at this price prediction, he compared the price of bitcoin to the Nasdaq 100 (NDX), which peaked in the dot-com bubble and then took years to reach that peak again.<\/p>\n \u201cIt took NDX 14 years to rise above its parabolic \u2018blowoff top,\u2019 then 6 years to rise a further 150%,\u201d he wrote, adding:<\/p>\n Bitcoin appears poised to exceed its 2017 parabolic \u2018blowoff top\u2019 in a mere 3 years. Should bitcoin\u2019s speed of ascent keep pace with the past three years and the degree of the rally approximate that of NDX, $50,000 per bitcoin is a reasonable year end 2021 price target.<\/p>\n<\/blockquote>\n What do you think about Julian Emanuel\u2019s view on bitcoin? Let us know in the comments section below.<\/strong><\/em><\/p>\n The post Equity Strategist Says Crypto Has a Place in Portfolios, Bitcoin Price to Reach $50,000 in 2021<\/a> appeared first on Bitcoin News<\/a>.<\/p>\nBitcoin Has a Place in Investors\u2019 Portfolios<\/h2>\n
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Bitcoin\u2019s Price Target of $50,000 in 2021<\/h2>\n
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