The bank also compared the leading crypto asset to gold and 20-year-plus treasury bonds. According to the banking giant, unlike Bitcoin, gold needs $2 billion to move a single percentage, while 20-year-plus treasury bonds require $2.25 billion to increase by 1%.
“What has created the enormous upside pressure on Bitcoin prices in recent years particularly, in 2020? The simple answer: modest capital inflows.”
The report explained:
Explaining further in the report, the bank said that whales are significant contributors to the crypto market. BofA said that Bitcoin addresses with large volumes are still holding on to their assets.
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