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Bitpush is better than pushing the Deutsche Bank report: Bitcoin is too important! Can not be ignored
[2021/3/20]
                        
Deutsche Bank released a new report today stating that given the $1 trillion market value, Bitcoin has now ¡°become too important to be ignored¡±.
The report pointed out that as long as it continues to attract asset managers and companies to enter, the price of Bitcoin may continue to rise.
Deutsche Bank estimates that less than 30% of bitcoin transactions are related to payments. For example, 28 million bitcoins will change hands in 2020, which is equivalent to 150% of the total bitcoins in circulation. And Apple stock traded 40 billion shares, accounting for 270% of the total.
                        
In addition, the average number of bitcoins exchanged in U.S. dollars per day is only equivalent to 0.05% of the yen and 0.06% of the pound sterling.
Therefore, due to limited tradability, the bank expects Bitcoin to remain volatile.
Deutsche Bank analyst Marion Laboure believes that Bitcoin will continue to exist, but will maintain its price volatility. Bitcoin's low liquidity has contributed to its price volatility.
Marion Laboure explained that only a few additional large-scale purchases or sales can significantly affect the market supply and demand balance. According to people¡¯s perceptions of its price, Bitcoin will continue to rise and fall. This is the ¡°Tinkerbell Effect¡±.
"Tinkerbell Effect" is an economic term used to describe that when more people believe something, it is more likely to happen. This term comes from the story of Peter Pan, that the elf fairy Tinker Bell (Tinker Bell) exists because the children believe she exists.
The Deutsche Bank report writes that Bitcoin is now another money management tool. Recently, some listed companies have begun to convert the cash in their treasury into Bitcoin as an alternative means of preservation.
For example, in August 2020, business analytics company MicroStrategy converted $425 million of cash in its inventory into Bitcoin. Company leaders believe that Bitcoin, as the most widely adopted cryptocurrency in the world, is a reliable store of value, and they believe that ¡°Compared with holding cash, Bitcoin will provide better opportunities for returns, and Preserve our capital over time."
Square subsequently spent $50 million to buy Bitcoin. Several other companies have followed suit, increasing people's confidence in Bitcoin as a safe-haven asset.
                        
On February 8, 2021, Tesla stated that the company has invested 1.5 billion US dollars in Bitcoin, and the company will soon accept Bitcoin as a form of payment for the purchase of vehicles.
Deutsche Bank stated that Bitcoin must, like Tesla, transform its potential into actual results.
Just like Bitcoin, Tesla has also sparked numerous debates about whether it is the future of the car or the "dying fashion". In the past 18 months, market sentiment has changed dramatically as Tesla demonstrated its ability to deliver Model 3 and other cars on a large scale.
The report pointed out that the next two to three years should be a turning point for Bitcoin. As people pay more and more attention to the development of digital currencies, consensus on the future of Bitcoin may emerge.
The Deutsche Bank report concluded that Bitcoin must prove its value as a means of payment in order to live up to its reputation.
Recently, Bitcoin has attracted the attention of more and more mainstream institutions. Wall Street investment bank JPMorgan plans to launch a basket of Bitcoin-related products to provide customers with cryptographic exposure. And distributed a set of educational materials to customers to help them understand the basic knowledge, risks and potential of Bitcoin and cryptocurrencies. Bank of America issued a report yesterday that the largest public holder of Bitcoin is Grayscale, and its Bitcoin Trust Fund may own 700,000 Bitcoins, which accounts for 3.5% of the total supply. Morgan Stanley became the first major U.S. bank to provide channels for accredited wealth management clients to invest in Bitcoin funds.

(This article is from Bitpush.News)
(Image source: Deutsche Bank)
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