According to Yahoo Finance on the 11th (local time), Fundstrat’s leading digital asset strategist David Grader said the company is more than doubling Bitcoin’s existing forecast.
He said in his 2021 Cryptocurrency Outlook report two weeks ago that he had raised the Bitcoin target price from $40,000 to $100,000.
The report cited macroeconomic factors influencing Bitcoin’s strength, such as institutional investors’ FOMO sentiment, public expectations of a weak dollar, improved clarity of regulations surrounding assets, and overall strong stock market uptrend.
The company has a stronger outlook for Ethereum. Bloomberg reported last month that Fundstrat raised its Ethereum price target for 2021 to $1500.
Grider emphasized that Ethereum has the highest risk-reward ratio of all cryptocurrencies.
Meanwhile, Gryder pointed out that the reason why institutions continue to invest in Bitcoin or Ethereum is not just hedging asset risk or increasing return on investment.
He emphasized that institutions are interested in cryptocurrency investment because of the evaluation of innovative technologies that continue to increase in value and utility as more institutions and users participate in this new type of organizational model found in cryptocurrency networks .