Needham Downgrades GBTC Rating, But Predicts Bitcoin Rally to $848
Needham & Company has revised its bitcoin price projection as well as its outlook on the Bitcoin Investment Trust (OTCQX: GBTC). The firm sees improvement in bitcoin’s fundamentals, but not in GBTC, downgrading the firm’s rating from “Buy” to “Hold.” Needham Sees Improved Bitcoin Fundamentals. Needham & Company is the investment banking and asset....
Related News
The recently released Needham report forecasts the Bitcoin price to reach $848 in the near future. How is Bitcoin faring in the market and what’s in store for the digital currency community in the near future? A recent assessment made by Needham report draws an outline of all the things that might soon happen with the most popular cryptocurrency. One glance at the report, and it is quite evident that the digital currency is right on track. According to the report, the adoption rate of Bitcoin has been better than all previous expectations. With increasing demand, the price projections for....
Needham & Company, an independent investment bank and asset management firm, released today a mini investors’ report on the prospect of a Bitcoin ETF in 2017. The company currently hands Barry Silbert’s Bitcoin Investment Trust (GBTC) with a ‘Hold’ rating. Report author, Spencer Bogart, detailed the upside potential of a bitcoin ETF being approved....
Citigroup has downgraded the Nasdaq-listed, pro-bitcoin Microstrategy to a “sell” rating after the company announced that it would offer $400 million convertible senior notes to buy more bitcoin. Microstrategy currently holds about 40,824 bitcoins. Citi Analyst Uncomfortable With Microstrategy’s ‘Disproportionate Focus on Bitcoin’ While Citigroup has recently been bullish on bitcoin, Citi analyst Tyler Radke is not so convinced by Microstrategy’s announcement on Monday that it intends to offer $400 million of convertible senior notes and use the sale....
Needham & Co. LLC, a New York City-based investment firm, has begun covering the Bitcoin Investment Trust (BIT), giving it a “buy” rating and a $62.00 price target (PT). Needham estimates the present per-bitcoin value at $655. BIT is sponsored by Grayscale Investments, which is owned by Digital Currency Group, which invests in the blockchain and digital currency ecosystem. BIT is a private, open-ended trust that invests only in bitcoin. Hence, the value is based primarily on the bitcoin price. Needham, according to a 39-page report explaining its “buy” at $62 PT, believes the price of....
One of the largest rating agencies in the U.S., Fitch Ratings, has downgraded El Salvador’s long-term default rating deeper into junk status, citing risks from adopting bitcoin as legal tender as a key reason. “The adoption of bitcoin as legal tender has added uncertainty about the potential for an IMF program that would unlock financing for 2022-2023,” Fitch detailed.
El Salvador Downgraded to Junk
Fitch Ratings downgraded El Salvador’s Long Term Foreign Currency Issuer Default Rating (IDR) from “B-” to “CCC”....