Bloomberg: Bitcoin Is Setting Up For 2017-Like Bull Run
Helena Šagud
Bitcoin
4 years ago
1 QCP
A recent Bloomberg report concluded that Bitcoin may be priming for a massive bull run.
Even the report’s name is bullish — “Bitcoin Maturation Leap”. The report mentions a number of reasons that the Bitcoin market is maturing, and that it is due for a bull run. It also affirms that “Bitcoin is gaining relative fuel as stocks reset, if history is a guide”.
Bitcoin becoming digital gold
Furthermore, Bloomberg says that Bitcoin and gold, both considered hedge assets, are expected to win the most from the recent COVID-19 induced market turmoil:
“Bitcoin and gold also stand to be primary beneficiaries of the unprecedented monetary stimulus that's accompanied by a mean-reverting stock market.”
It also observes that Bitcoin's correlation to gold “has increased to all-time highs”, concluding:
“This year will confirm Bitcoin's transition from a risk-on speculative asset to the crypto market's version of gold.”
The report reiterates that 2020 will be the year when Bitcoin becomes digital gold:
“This year marks a key test for Bitcoin's transition toward a quasi-currency like gold, and we expect it to pass.”
More: https://bit.ly/3bJ8Hsp
Even the report’s name is bullish — “Bitcoin Maturation Leap”. The report mentions a number of reasons that the Bitcoin market is maturing, and that it is due for a bull run. It also affirms that “Bitcoin is gaining relative fuel as stocks reset, if history is a guide”.
Bitcoin becoming digital gold
Furthermore, Bloomberg says that Bitcoin and gold, both considered hedge assets, are expected to win the most from the recent COVID-19 induced market turmoil:
“Bitcoin and gold also stand to be primary beneficiaries of the unprecedented monetary stimulus that's accompanied by a mean-reverting stock market.”
It also observes that Bitcoin's correlation to gold “has increased to all-time highs”, concluding:
“This year will confirm Bitcoin's transition from a risk-on speculative asset to the crypto market's version of gold.”
The report reiterates that 2020 will be the year when Bitcoin becomes digital gold:
“This year marks a key test for Bitcoin's transition toward a quasi-currency like gold, and we expect it to pass.”
More: https://bit.ly/3bJ8Hsp
- Bull market
- Bloomberg
- Bitcoin Analysis
- Bull Run
- Bitcoin boom
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