2021-8-5 18:39 |
A new report from Bloomberg Intelligence suggests the Bitcoin price may soon approach $100,000 should historical trends continue.
This month’s “Bloomberg Crypto Outlook” reports a bullish future trajectory for Bitcoin, stating “we see performance parallels that could get the benchmark crypto back on track toward $100,000.”
The intelligence report stated, “What's changed in about three years is sufficient to sustain more of the same for most of Bitcoin's history -- rising prices. Supply is declining while demand and adoption are rising in most countries that welcome open discourse and free-market capitalism.”
The report notes that “Bitcoin is becoming digital gold in a world going that way,” and that “Free-market capitalism is on the rise via digital assets and unless enduring trends reverse, the U.S. dollar and Bitcoin stand to be primary beneficiaries.”
The outlook noted what Bitcoin provides to developing nations such as El Salvador and other populations that are largely unbanked, “Bitcoin is helping to bank the unbanked, and the primary up-and-coming country, China, doesn't permit the free flow of capital or discourse. “
On Bitcoin’s disruption of traditional financial markets, the report stated, “When views that counter longer-term trends become consensus, probabilities often tilt back toward enduring trajectories, which is the bullish outlook we see for Bitcoin”
The report also contained many graphics depicting the rise of Bitcoin compared to declining bond yields, gold prices, and alt coins. Commenting, “gold appears increasingly naked if not paired with Bitcoin.”
The report noted the “fundamental bullish fundamental underpinnings” of Bitcoin and went on to define its virtues as a hedge against inflation: “[Bitcoin] represents rapidly advancing technology pressuring inflation and supporting quantitative easing, which buoys the stock market.”
The Bloomberg Finance intelligence report also perceived bullish signals when pairing Bitcoin with crude oil, stating, “The Bitcoin hash rate and crude oil may appear to have little in common, but some reversion from extreme levels has bullish implications for the crypto.”
On the China exodus, Bloomberg noted the “Bitcoin hash-rate correction is likely complete. The sharpest-ever plunge in the Bitcoin hash rate is likely over and the price set to keep recovering, if previous patterns play out again.”
“A plunging hash rate reflects discombobulation among China's miners and is a temporary dip in the discovery and Bitcoin price trends, as we see it,” the report continued.
The “Bloomberg Crypto Outlook” even weighed in on the Bitcoin energy debate, stating “Gas flaring is a problem that Bitcoin mining is helping to solve, in addition to enhancing renewables and helping govern power grids.”
The report also made tenuous connections between bitcoin and the oil market, writing “The dip in the Bitcoin bull-market appears over, and an end of the bounce in crude oil may provide underpinnings.”
Bloomberg also commented on Bitcoin’s dominance over centralized alternatives such as Ethereum, "The No. 2 crypto is likely more at risk to a pullback in the stock market than store-of-value Bitcoin."
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