Needham & Company Starts Bitcoin Investment Trust (GBTC) at Buy

Needham & Company initiates coverage on Bitcoin Investment Trust (OTC: GBTC) with a Buy rating and a price target of $62.00.

Analyst Spencer Bogart commented, "We believe that the price of Bitcoin stands to benefit substantially from rising demand for its two main use cases as a “digital gold” and as an alternative payments channel. We believe that this rising demand is the result of the relative advantages of using Bitcoin and is being driven by market trends and secular changes such as globalization, continued growth in ecommerce and by the ubiquity of enabling technology such as mobile phones. As a direct result, Bitcoin is disrupting trillion-dollar markets in payments and value-exchange."

For an analyst ratings summary and ratings history on Bitcoin Investment Trust click here. For more ratings news on Bitcoin Investment Trust click here.

Shares of Bitcoin Investment Trust closed at $54.40 yesterday.

You May Also Be Interested In

• TD Cowen Resumes EQT Corp. (EQT) at Hold
• Piper Sandler Downgrades Magnolia Oil & Gas Corp. (MGY) to Neutral
• Analyst comments after lower than expect CPI in Japan impacts JPY