Saudi Press

Saudi Arabia and the world
Monday, Sep 29, 2025

Leaked Citibank Report Reveals Bitcoin Could Rocket To $300,000 Price By End Of 2021

Leaked Citibank Report Reveals Bitcoin Could Rocket To $300,000 Price By End Of 2021

A leaked report from Wall Street giant Citibank has revealed a senior analyst thinks bitcoin could potentially hit a high of $318,000 by December 2021, calling it "21st century gold".
Bitcoin has exploded over the last few weeks, adding to gains through 2020 that's seen it more than double in value.

The bitcoin price has this week shot past $18,000 per bitcoin, causing jubilation among long-suffering bitcoin supporters and causing many to recall bitcoin's late 2017 bubble—though it's happening without 2017's mainstream bitcoin mania.

Now, a leaked report from Wall Street giant Citibank has revealed a senior analyst thinks bitcoin could potentially hit a high of $318,000 by December 2021, calling it "21st century gold."

"The whole existence of bitcoin has been characterised by unthinkable rallies followed by painful corrections, the type of pattern that sustains a long term trend," Citibank's global head of CitiFX Technicals, Tom Fitzpatrick, wrote in the note to institutional clients that was leaked on Twitter—asking: "Are we on the cusp of another such structural development?"

Pointing to a chart that shows three bitcoin bull runs over the last decade, the note suggests that the current rally could "potentially peak in December 2021, at the high of the channel, suggesting a move as high as $318,000 [per bitcoin]."

"Time will tell if we end up seeing such lofty levels but the backdrop and the price action we are looking at clearly suggest the potential for a major move higher nonetheless in the next 12-24 months."

The note claims "the arguments in favour of bitcoin could well be at their most persuasive ever," referencing bitcoin's growing reputation as digital gold and "central banks increasingly discussing the digitization of currencies."

Bitcoin is also expected to benefit from "the change in monetary policy and simultaneous opening up in fiscal policy" that could devalue traditional currencies.

This chimes with a separate note released by Citibank this week that predicts the coronavirus vaccine roll out and loose monetary policy will weigh on the U.S. dollar through 2021.

"When viable, widely distributed vaccines hit the market, we believe that this will catalyze the next leg lower in the structural USD downtrend we expect," Citi wrote, according to reports. "Given this set-up, there is the potential for the dollar's losses to be front-loaded, with the USD potentially falling by as much as 20% in 2021."

Bitcoin's rally this year has been fuelled by renewed interest from Wall Street and support from a host of big-name investors, many of whom have given their backing to bitcoin as an emerging hedge against a wave of inflation that could be on the horizon.

Amid bitcoin's latest rally, the bitcoin and cryptocurrency community has cheered what has been taken as vindication of their much-maligned belief in bitcoin's eventual success.

"The dawn of the next great crypto bull run may be upon us," Paolo Ardoino, chief technology officer at British Virgin Islands-based bitcoin and cryptocurrency exchange Bitfinex, said via email. "We are seeing bitcoin prices that have not been reached in years. This time, institutional money is infusing bitcoin’s gains."
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
UK, Canada, and Australia Officially Recognise Palestine in Historic Shift
New Eye Drops Show Promise in Replacing Reading Glasses for Presbyopia
Dubai Property Boom Shows Strain as Flippers Get Buyer’s Remorse
Top AI Researchers Are Heading Back to China as U.S. Struggles to Keep Pace
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
UAE-US Stargate Project Poised to Make Abu Dhabi a Global AI Powerhouse
Trump and Starmer Clash Over UK Recognition of Palestinian State Amid State Visit
Saudi Arabia cracks down on music ‘lounges’ after conservative backlash
Saudi Arabia Signs ‘Strategic Mutual Defence’ Pact with Pakistan, Marking First Arab State to Gain Indirect Access to Nuclear Strike Capabilities in the Region
Sam Altman sells the 'Wedding Estate' in Hawaii for 49 million dollars
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
Kuwait opens bidding for construction of three cities to ease housing crunch.
This Week in AI: Meta’s Superintelligence Push, xAI’s Ten Billion-Dollar Raise, Genesis AI’s Robotics Ambitions, Microsoft Restructuring, Amazon’s Million-Robot Milestone, and Google’s AlphaGenome Update
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
Could AI Nursing Robots Help Healthcare Staffing Shortages?
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Did the Houthis disrupt the internet in the Middle East? Submarine cables cut in the Red Sea
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Tether Expands into Gold Sector with Profit-Driven Diversification
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
×