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Bitcoin Sees Sharp Uptick Of 900% In Less Than A Year: Here's What UBS Suggests

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The largest digital crypto has risen massively from Covid 19 led price of $4000 in March 2020 to now breaching levels of $40,000 per unit and recently has slumped by a good quantum. So, as it draws investor attention, here is UBS' take on the unit that is being seen to gain mainstream payment substitute as well as safe haven in time of distress.

 Bitcoin Sees Sharp Uptick Of 900% In Less Than A Year: Here's What UBS Suggests
 

Now UBS suggest to put in only that amount that they can afford to lose in bitcoin

UBS, the brokerage and research firm, is of the view that the crypto shall rise further, but as nobody can come up with its real fair price, investors should invest cautiously in the digital token and only put in that amount that they can afford to lose, further they need to be ready with the exit strategy as well.

Price anticipation for bitcoin by UBS in near term

There shall be increasing adoption by institutions and as it continues to garner huge interest and because of bitcoins' limited supply, the prices shall continue to soar of the largest cryptocurrency bitcoin.

Further what the brokerage views is that there is more buying into bitcoin than in 2017 when it hit a high of $20000 per unit and increasing acceptance by institutional investors may further propel the sentiment. "We see evidence that retail investors have become more active again. More people are searching for information on cryptocurrencies on the internet. The number of transactitons and digital wallets is on the rise, and the topic is trending on social media," the brokerage report noted.

GoodReturns.in

Read more about: bitcoin cryptocurrency
Story first published: Monday, January 18, 2021, 8:32 [IST]
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