Fidelity Digital Assets is backing a model that forecasts Bitcoin reaching a price of $1 million by 2024, based on the stock-to-flow ratio. The president of Fidelity has also applied for a new Bitcoin fund, showing the firm’s confidence in the cryptocurrency. As a trillion-dollar asset manager, Fidelity is delving into a prominent and contentious Bitcoin price model in its recent report from Fidelity Digital Assets analyzing the stock-to-flow ratio.
This move by Fidelity underscores their belief in the potential for Bitcoin to attain a significant price milestone in the coming years. By validating the model that predicts Bitcoin hitting $1 million by 2024, Fidelity is signaling their optimistic outlook on the future of the cryptocurrency market. The scrutiny of the stock-to-flow ratio by such a reputable institution adds credibility to the analysis and encourages further discussion about the potential growth of Bitcoin.
The report from Fidelity Digital Assets not only reinforces the bullish sentiment in the industry but also highlights the increasing interest in Bitcoin from traditional financial institutions. With Fidelity entering the Bitcoin fund space and expressing confidence in the cryptocurrency’s future price, it provides a significant boost to the credibility and legitimacy of Bitcoin as a viable investment asset. This move could potentially attract more institutional investors to consider including Bitcoin in their portfolios, further driving its adoption and price growth.
Original article published at: http://infoonbitcoin.com/fidelity-predicts-bitcoin-price-to-reach-1-million-by-2024/
