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A German bank Bayern LB, which is 75% owned by the Bavarian state, issued an unusual report, according to which - "Is Bitcoin outshining gold."

The bank estimates that BTC might hit USD 90,000.
Bank concluded that the May 2020 halving had hardly been priced into existing BTC values, stating that Bitcoin’s market value and stock-to-flow ratio were “strongly correlated.”

"The most intriguing question, of course, is what the future will bring. What is certain is that Bitcoin’s stock-to-flow ratio will increase drastically in May 2020 - i.e. after the next halving - from around 25.8 at the moment to almost 53.
By contrast, gold’s stock-to-flow ratio(currently in the vicinity of 58) will only be insignificantly (if at all) higher next May.
If the May 2020 stock-to-flow ratio for Bitcoin is factored into the model, a vertiginous price of around USD 90,000 emerges.
This would imply that the forthcoming halving effect hashardly been priced into the current Bitcoin price of approximately USD 8,000 (the current model value is roughly USD 7,500)."

At the end of the report, the authors of the report come to a bold conclusion: 

"It becomes clear that Bitcoin has been conceived as an ultra-hard type of money.
In 2024 (when the next halving is due to take place), its degree of hardness will inexorably increase even further, to a level unprecedented in human history (a stock-to-flow ratio of more than 100!).
Nobody really knows what repercussions such a monetary standard would have.
Only one thing is clear: if Bitcoin is indeed to become the money of the 21st century, it will be because its properties (above all its high degree of hardness) have been preferred to those of alternative types of money - after all Bitcoin is a completely open monetary system operating on a purely voluntary basis." 

 Whether the forecast of the German Bank will come true, we will see in the near future.
At the time of the publication of the article, the price of Bitcoin is approximately $ 8250.

BayernLB - Is Bitcoin outshining gold? 

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