Citigroup Chief Technical FX Strategist Sees Soft Default by US Government as Real Possibility
Posted on November 16th, 2020 by Kyle Torpey and filed under Bitcoin.
A new note from Citigroup Chief Technical FX Strategist Tom Fitzpatrick leaked on Twitter indicates bitcoin is the “new gold” and could rise in value as the U.S. government monetizes its debt.
The report also points to a possible future bitcoin price of over $300,000; however, while this part of Fitzpatrick’s note has been pumped as some sort of official bitcoin price prediction from Citibank on social media and even some bitcoin media outlets, the reality is this potential bitcoin price is only based on past bitcoin market cycles. As always, it’s important to remember past trends are not necessarily an indication of future returns.
Fitzpatrick does not think the U.S. government will officially default on its debt obligations; however, he does see the potential for a soft default where the the debt is made more manageable through higher levels of inflation.
Kyle is the creator of The Crypto Feed. Before founding The Crypto Feed, Kyle was a longtime freelance Bitcoin writer at places like Forbes and Bitcoin Magazine.