BTIG says cryptocurrency 'comes of age,' puts $50,000 target on bitcoin for 2021

A woman touches an ATM machine for digital currency Bitcoin in Hong Kong on December 18, 2017.
Anthony Wallace | AFP | Getty Images

BTIG strategists say cryptocurrency has come of age, and bitcoin should reach $50,000 by the end of 2021.

Bitcoin surged to a new record Monday, topping its 2017 high of $19,800, according to data from Coin Metrics. The volatile cryptocurrency crossed above $19,000 last week but fell back to about $17,000 at the end of the week, before bouncing back over the weekend.

The strategists initiated coverage of digital assets last week and said the market for digital currencies is very different than when frenzied trading led to a "blow-off" top in 2017. Since then, it has become accepted by major investors, corporations and governments, especially China. Bitcoin also has a finite supply of about 21 million.