AAX Research Paper: Bitcoin in 2021

AAX Research Report on Bitcoin's outcome in 2022

The year 2020 has seen bitcoin in action, not so much as a currency, but as a hedge against macroeconomic uncertainty. Unlike in 2017, when bitcoin’s bull run was primarily retail driven, 2020 has seen the rise of institutional support for the asset. What does this mean for bitcoin in the new year and what can we expect in terms of price? This paper seeks to strengthen the argument for bitcoin and its value going forward, but also place some critical side notes that shouldn’t be overlooked.

In part I, we briefly discuss some of the complexities around introducing bitcoin from a conceptual and valuation standpoint and carve out the significance of the coin. In part II, we assess the status and overall health of bitcoin as an investable asset. In part III, we discuss the risks and opportunities of investing in bitcoin and articulate our price projections for 2021.


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