BTIG managing director and digital assets analyst Mark Palmer is revealing his bullish price targets for Bitcoin (BTC) and MicroStrategy (MSTR).
In a research note, Palmer highlights the relationship between the price of MSTR and Bitcoin’s value.
Palmer’s comments on the correlation between the two assets come as he unveils a “Buy” rating for MSTR with a price target of $850 assuming that Bitcoin will surge to $95,000 by the end of 2022. MSTR is trading at around $703 with BTC valued at $59,626 at time of writing.
MicroStrategy leads all publicly listed companies in terms of Bitcoin investments to the tune of 91,326 BTC worth $2.2 billion. The company’s multi-billion dollar purchase has paid off as its BTC stack is now valued at $5.4 billion.
Palmer adds that he views Bitcoin as “digital gold” that may capture investor interest amid loose global monetary policies.
“[Bitcoin is] an attractive, non-sovereign store of value at a time when unprecedented levels of global fiscal and monetary stimulus have heightened investors’ concerns about monetary inflation and the debasement of fiat currencies.”