Over the years, the compressed volatility in the FX market and the recent surge in money supply have been two main drivers of bitcoin.Bitcoin could be the asset to hold in case vaccines appear to be non-effective enough against a certain type of variant, which will lead to new rounds of lockdowns.However, we think that the upside gain remains limited in the medium term following the significant rise we have seen in the past year.We expect bitcoin to experience a rise in volatility as investors start to realize that the trend cannot last forever.100,000 USD seems to be the upper limit of a unit of bitcoin, with huge downside risks as we move on to the second half of 2021.