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Bitcoin Will Be 100x More Expensive Than Gold – Bloomberg

Bloomberg analysts have found that the volatility of Bitcoin can increase the gap between the price of cryptocurrency and gold by hundreds of times. This was reported in Bloomberg’s monthly cryptocurrency report.

Such a scenario is possible if Bitcoin volatility moves within the framework of the formed model.

Source: bloomberg.com

Analysts noted that Bitcoin’s 260-day volatility against gold has hit a low. She was last at this level in early 2017. The chart shows the volatility as well as the value of Bitcoin in relation to gold.

“… if past volatility patterns repeat themselves, a 100-fold increase in Bitcoin’s value relative to gold could be the next key threshold,” Bloomberg said.

It’s worth noting that hitting a 260-day low in early 2017 triggered a year-long rally in Bitcoin.

Bitcoin at the beginning of the road

Such an impressive gap between Bitcoin and gold would mean the growth of the cryptocurrency to the level of ~ $184,000 (at a gold price of $1842 per ounce). However, Bloomberg did not name the time frame for reaching new highs. As a medium-term, Bitcoin needs to at least gain a foothold on the first target of $50,000, analysts say.

Bitcoin started February with a bullish consolidation. The support grew to $30,000 due to the increase in institutional implementation …

Related: Bitcoin Price May Reach $40,000 in 2021: Bloomberg Analyst Says

The instability of many altcoins, which, to a large extent, develop due to speculation, can play into the hands of Bitcoin, Bloomberg believes. The collapse of such digital currencies can strengthen the position of Bitcoin in the status of a reserve currency.

The great transfer of wealth

Analysts say the leading cryptocurrency is currently being driven by the idea of digital gold. At the same time, according to Bloomberg experts, there is enough evidence that institutional money is actively being withdrawn from the gold market in favor of Bitcoin.

Pink line — ETF savings in gold. White — Grayscale Bitcoin Trust. Source: bloomberg.com

The graph above shows how Grayscale’s Bitcoin Trust (GBTC) is actively increasing its reserves. At the same time, stocks of assets of exchange-traded funds (ETFs) in gold are shrinking.

However, this is not the first time that Bloomberg has named large numbers for the future price of Bitcoin. In November 2020, Bloomberg analyst Mike McGlone said that Bitcoin price could “add zero” in the future. At the time of writing, the price of one bitcoin is $37,386, up 4.38% in the last 24 hours.

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


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source https://www.earnforex.com/commodities/bitcoin-will-be-100x-more-expensive-than-gold-bloomberg/

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