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BNY Mellon digs deeper into Bitcoin, researches value potential

The bank published a report earlier this week commenting on Bitcoin’s price and its long-term prospects. Although BNY Mellon did not drop any specific price prediction for the leading cryptocurrency, it referred to the stock-to-flow model cross-asset model. The model sets a price target of $100,000 per Bitcoin by the end of 2021.

BNY Mellon in its report compared Bitcoin to gold, a narrative that has been gaining ground in investment circles. MicroStrategy Michael Saylor, for instance, has on multiple occasions hyped Bitcoin over gold. A growing lack of confidence in fiat and the promising prospect of Bitcoin have attracted a lot of new investors.

Speaking of Bitcoin’s future price target, the report notes that “bitcoin valuation will likely be a combination of several models and be constantly evolving.”

BNY Mellon is not the only bank that is talking about Bitcoin. In fact, financial institutions like JPMorgan (NYSE:JPM) and Citibank have been publicly discussing the digital asset before BNY Mellon openly joined the conversation. Mid-last month, BNY announced that it was rolling out a crypto custody service.

It is interesting to see that the once heavily-ridiculed cryptocurrency is now a symbol of the future of finance.

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Source: Cryptocurrency - investing.com

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