Bloomberg Says Bitcoin to 100k
Takeaways
- Bloomberg all but promises Bitcoin to 100k and Eth to 5k
- Says Bitcoin will compliment the dollar as the “digital reserve asset” of the world
- Indicates decreasing supply and pullbacks point to mega-bulls in the near future
- Point to crypto as a paradigm shift and revolution in money and finance
Usually, when the market is strong the media tends to conspicuously plaster FUD all over the internet. Today is different. Bloomberg, in their September ‘Crypto Outlook Report,’ says that Bitcoin to 100k and Ethereum to 5k is “the path of least resistance”. They declare that crypto assets are in a revived and refreshed bull market. “We see Ethereum on course toward $5,000 and $100,000 for Bitcoin. Portfolios of some combination of gold and bonds appear increasingly naked without some Bitcoin and Ethereum joining the mix.” There is clearly a growing sentiment among more traditional finance that leaving crypto out of a portfolio is a big mistake.
All signs point to FOMO gearing up to the end of the year–the likes of which we may have not seen before. A lot of people say “where’s the money going to come from” that pushes Bitcoin and others higher. This report indicates that it will come from those traditionally invested in bonds and gold. Those markets are still massive, and even skimming a couple of percentage points off their respective market caps could drive Bitcoin much, much higher.
Bitcoin V S&P as of late May, 2021
Bloomberg affirms that the “bulls are in control.” It appears the dead cat bounce argument is dead wrong, as we have been saying, too. The report states that “increasing demand and adoption are facing diminishing supply.” We have reported on the dwindling reserves on exchanges for assets like Ethereum, and also, Bitcoin. Not only does Bloomberg dryly state that crypto is in a bull market; they also call crypto “a revolution in money and finance that’s in early price discovery days”.
So if you think you’re late to the party, you’re not. The report points out that Crypto has “two major advantages over the S&P 500” those being that “cryptos reflect a potential revolution in money and finance and have had a major pullback since their 2020 swoon.” They point out that equity markets are basically tied to the ever-increasing money printing by the Fed, unlike the crypto markets, which are a direct affront to quantitative easing (money printing). They go on to say that Bitcoin “is well on its way to becoming the digital reserve asset.” Are you bullish yet?
The report states that Ethereum has an enduring upper hand, as the number two crypto in the world. As a reason for their thesis of Eth of 5k, it states: “increasing demand for what is becoming the money of the internet at the same time that incremental supply is dropping due to a recent upgrade.”
Eth and Bitcoin will both help drive each other to new highs: “The No. 2 crypto can be added to the list of proxies for the No. 1 to reach the $100,000 threshold, by simply following.” Notably, they predict that if Ethereum’s price appreciation of 2021 stays the same versus Bitcoin, Ethereum will flip Bitcoin towards the end of 2022.
Concluding, the report notes that Bitcoin and Ethereum both have different purposes, as is often forgotten, and do not compete with each other, but complement each other. Bloomberg sees Bitcoin becoming “the digital future” in the wake of an ever-depreciating fiat world. “The first-born crypto may have solved the age-old problem of a global reserve asset that’s easily transportable and transactionable, has 24/7 price discovery, is relatively scarce, and is nobody’s liability or project.”
And that Ethereum is facilitating ‘digital dollar dominance’, through the boom of stable coins running on top of it. Speaking on this, they say: “Ethereum is a key part of building this infrastructure, where free markets have embraced the greenback as the primary global currency. Bitcoin is gaining accolades as the digital reserve asset.”
This may be the most bullish report we have ever seen from those entrenched in traditional finance, like Bloomberg. It is increasingly apparent that in the eyes of these people, Bitcoin has finally proved its value, and it is impossible to ignore. They realize that if you can’t beat crypto, they’ll need to join it. The good news is, the dollar is beating itself, through our institutions permanently stunted and failed economic theses, and that failure is Bitcoin’s ace in the hole. The rest of this year should be very, very fun.
The post Bloomberg Says Bitcoin to 100k appeared first on CryptosRus.
Text source: CryptosRus
