Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
German Bank predicts that Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. will increase to USD $28K by the end of the year, but warns that it will “the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. freefall could continue”.
- Deutsche Bank predicts Bitcoin price at USD $28,000 in December 2022
- Bank strategists compared Bitcoin to a digital digital technologies are these electronic tools that have the ability to generate, store or even process data. diamond
- They acknowledged that before going up, the market an area or arena, online or offline, in which commercial dealings are conducted. could fall further
Deutsche Bank AG, a global banking and financial services company headquartered in Germany, predicted this week that the price of Bitcoin will increase at the end of the year and would reach USD $28,000.
This was reported by Bloomberg citing an analysis by the bank’s senior economist and market strategist Marion Labouré and research analyst Galina Pozdnyakova.
According to their analysis, the price of Bitcoin will rise 38% from the reference price they used of USD $20,329 given how closely BTC has been trading relative to U.S. stocks. Today Bitcoin’s price, according to data from Cryptomarkets, is lower: USD $19.344 at 10:40 am New York time.
They noted that cryptocurrencies have been correlated with benchmarks such as the Nasdaq 100 technology and the S&P 500 since November 2021. The S&P 500 is down 21% since the beginning of the year. The strategists of German Bank expect the index to recover to January levels by the end of the year.
Bitcoin is diamond
Labouré and Pozdnyakova compared the Bitcoin with diamonds, a highly traded asset, rather than gold which is considered a safe haven (to which it is often compared). They referred to the history of The Beers a major player in the diamond industry that was able to change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. consumer perception of diamonds through advertising efforts.
“By marketing an idea rather than a product, they built a solid foundation for the $72 billion a year diamond industry, which they have dominated for the past eighty years.” the experts detailed, adding:
What is true for diamonds is true for many goods and services, including bitcoins.
Research analysts at German Bank also discussed recent turmoil in the crypto space, including problems at some crypto lenders. like Celsius Network a network refers to all nodes in the operation of a blockchain at any given moment in time. .
“Stabilizing token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. prices is difficult because there are no common valuation models like those in the public equity equity is the funds that would be returned to a company's shareholders if all of the company's assets were dissolved and all debts were paid off in the event of liquidation. system. Also, the cryptomarket is very fragmented.” they said, warning:
The cryptographic free fall could continue due to the complexity of the system.
It is worth noting that in March 2021 an analysis of the German Bank presented two scenarios for the coming 12 months: in one, Bitcoin would fall back to USD $30,000; and, in another, it would reach USD $80,000. Meanwhile, in 2020, one bank executive saw that Bitcoin was replacing gold as a safe haven currency.
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