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Soon at 50,000? - Bloomberg Report: "Bitcoin Better Than Gold"

Soon at 50,000? - Bloomberg Report: "Bitcoin Better Than Gold"

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Bitcoin could make a breakthrough into the mainstream in 2021. A report from Bloomberg takes a very positive look at Bitcoin and believes that the $ 50,000 mark will fall this year. Why is that?

A lot has changed in Bitcoin and other cryptocurrencies since 2017. Regulation of the sector is more advanced, Bitcoin has passed the $ 20,000 mark and the market capitalization of the entire crypto market has hit $ 1 trillion several times. According to a Bloomberg report, Bloomberg believes that Bitcoin is only at the beginning of its pricing process and still has a lot of potential:

Bitcoin has crossed the Rubicon into the mainstream and still appears to be in the early days of pricing.

In addition, another big difference to the 2017 price rally is that the reputation of Bitcoin has improved. More and more people would see the potential of BTC. According to Bloomberg, the main threats currently are a glitch in the technology or strong price fluctuations due to so-called black swan events. Otherwise, Bloomberg is extremely optimistic about the future of digital gold.

Can the $ 50,000 mark be broken?

Bitcoin acceptance seems to have really picked up in the second half of 2020. Since several institutions announced that they were investing in Bitcoin, the cryptocurrency has soared. More and more institutions are scrambling for digital gold and soon traders worldwide will be able to accept BTC.

Bitcoin halving is also considered a factor that accelerated the rapid rise of Bitcoin. In May of this year there was a further reduction in mining rewards, which in the past had always led to further price increases. In 2013, after halving, the BTC rate rose 55 times and in 2017 it increased 17 times.

Most of all, Bloomberg believes that maturity and market cap are making this price rally different from previous ones. A declining supply and a simultaneous increase in acceptance of BTC make it likely that the $ 50,000 mark will fall this year, according to the analysts.

Digital gold: could Bitcoin be better than gold?

Also for the year 2021 Bloomberg assumes that Bitcoin will attract more veteran “gold bugs”. Various fund flows and data from large asset managers have shown that traditional gold investors are increasingly diversifying their capital towards BTC.

Source: Bloomberg

The graph shows that more and more capital is flowing out of gold ETFs and at the same time the BTC price is rising. According to Bloomberg, this could be interpreted as a sign that Bitcoin would gain the upper hand compared to gold. In the long term, this could mean that BTC still has enormous upside potential. According to Bloomberg, a lower supply, more mainstream acceptance and a simultaneously falling BTC supply paired with seemingly unstoppable quantitative easing on a global level would mean that Bitcoin will also perform positively in 2021. Bloomberg even thinks it likely that there will be a Bitcoin ETF this year.

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