Today on the Brief: 

• Moderna trial success drives markets up
• New all-time high in negative-yielding debt
• Jay Clayton to leave SEC 

Our main discussion: BTC $318,000 in December 2021?

That’s the prediction of one Citibank exec in a report called “Bitcoin: 21st Century Gold” sent last week to institutional clients. In this episode, NLW breaks down the report, including the macro justification that sets the stage as well as the technical analysis that led to these numbers. Ultimately, he argues that what matters isn’t the report’s predictions, but the fact that its very existence suggests a shifting narrative for institutional buyers.