On 1 October 2019, the bank published a research report in which it deals with the stock-to-flow ratio of bitcoin. The financial institution explained that although gold has a high stock-to-flow ratio, bitcoin will obtain the same ratio next year. The stock-to-flow ratio of gold is the amount of the asset held in reserves divided by the amount of the asset produced annually.

The authors of the report conclude by saying that bitcoin's stock-to-flow ratio will increase substantially in May 2020 and they add that: “If the May 2020 stock-to-flow ratio increase is factored into the model, a vertiginous price of around USD 90,000 emerges. This would imply that the forthcoming halving effect has hardly been priced into the current bitcoin price of approximately USD 8,000.”

Evidently, not everyone agrees with BayernLB’s price prediction. Peter Schiff, advocate of gold, called attention to the fact that bitcoin fell from 9,700 USD to 7,990 USD in a few hours. The Bitcoin critic also claims that the shedding of 1,800 USD was just the start, saying the risk is high for a descent down to 4,000 USD or lower.