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Bloomberg Analyst: Bitcoin Could See $400k This Year

Summary:
Although the premier cryptocurrency is still criticized for its high volatility, a Bloomberg analyst believes Bitcoin (BTC) has become a “risk-free” option for investors. Mike McGlone, the senior commodity strategist for Bloomberg Intelligence said in his March 25 post that this year marks a turning point for the biggest cryptocurrency. McGlone has published a graph of the average price of BTC/USD and the Bitcoin Liquid Index created specifically for corporate use. “Bitcoin, which is on its way to becoming a global digital reserve asset, can turn into a risk-free asset with its maturity in 2021,” explained the strategist. The chart, based on past price behavior, shows that BTC is possible to reach up to 0k in this bull market. This forecast overshadows other predictions such

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Although the premier cryptocurrency is still criticized for its high volatility, a Bloomberg analyst believes Bitcoin (BTC) has become a “risk-free” option for investors.

Mike McGlone, the senior commodity strategist for Bloomberg Intelligence said in his March 25 post that this year marks a turning point for the biggest cryptocurrency.

McGlone has published a graph of the average price of BTC/USD and the Bitcoin Liquid Index created specifically for corporate use.

“Bitcoin, which is on its way to becoming a global digital reserve asset, can turn into a risk-free asset with its maturity in 2021,” explained the strategist.

The chart, based on past price behavior, shows that BTC is possible to reach up to $400k in this bull market. This forecast overshadows other predictions such as the stock to flow model forecast that predicts BTC will average $288k by 2024.

Read also: Bitcoin May Rally to $300,000 by the End of 2021 – Bobby Lee

Bloomberg Analyst: Bitcoin Could See $400k This Year

Chart of Bitcoin price indices. Source: Bloomberg

Although McGlone did not reveal what factors are behind this view of Bloomberg, the idea that Bitcoin reduces rather than increases portfolio risk is the talking point of corporates this year.

If you have any questions and comments on Bitcoin today, use the form below to reply.


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Published under: Bitcoin

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