Bloomberg predicts continued growth in the price of bitcoin
Bitcoin continues to win the hearts of its harshest critics in the world of traditional finance. The latest manifestation of this trend is the unusually bullish sentiment of Bloomberg, which admitted that the new rally is not at all like the one in 2017.
On November 27, Bloomberg published an article under the belligerent headline "Bitcoin Strikes Back with renewed vigor, speed and millions of users." Known for its pessimism about cryptocurrencies, the publication highlighted several factors that indicate a bullish future for bitcoin - and this despite the price collapse on Thursday by as much as $ 3,000.
This optimism was based on the record high level of open positions in bitcoin futures, an increase in the number of wallets and hash rates, as well as the lack of correlation between bitcoin and other macroeconomic assets.
On Friday, during an interview with Bloomberg TV, Antoni Trenchev, CEO of the world's largest cryptocurrency lender Nexo, predicted that Bitcoin would hit a new all-time high by the end of 2020. He declared:
“The stereotype of digital gold has become stronger than ever in the mass consciousness. If Bitcoin only gets 10% of the total market capitalization of gold, we will be at $ 50,000 in no time. "
Bloomberg Intelligence chief analyst Mike McGlone, who has not previously been seen to be bullish on Bitcoin, tweeted:
“Is Bitcoin a replacement for gold? Futures and cash flows say "Yes" - the growth of open positions in futures and the influx of investors in bitcoin, while the same indicators for gold decrease, indicate that the rise in price of the cryptocurrency is gaining a competitive advantage.