Bloomberg believes BTC returns $ 14,000 to view details of January report

The January edition of the Bloomberg Cryptocurrency Outlook shows that Bitcoin is performing well and is gradually becoming a tool for value storage. Analysts have come to their conclusions which they believe may indicate an increase in cryptocurrency valuations that we can see this year.

Bloomberg analysts said that Bitcoin value may return to its highest level of $ 14,000 in 2019. There are several reasons to consider this. Since the beginning of the year, we have experienced a rebound in BTC, and its value has risen by 23% in the face of growing geopolitical conflict between the United States and Iran. Among other things, recorded assets such as Bitcoin, gold and oil have increased. What else

The key to Bitcoin halving

According to the rules governing the Bitcoin network, a reward for miners will be issued in May this year for mining blocks in the network. Each reward will be reduced from 12.5 BTC to 6.25 BTC. The report’s authors point out that halving bitcoin this year will put additional pressure on the cryptocurrency ecosystem to approach the maximum supply of digital assets that has been set at 21 million.

Source: Bloomberg Cryptocurrency Outlook Bitcoin and Gold

Comparing Bitcoin with gold, it is found that as the price of gold rises, its “digital currency” valuation will also increase by 2020. A Bloomberg report reads:

Bitcoin has won a race to adopt, especially as a store of value in an environment that is conducive to independent quasi-currency. (…) Bitcoin will once again surpass most cryptocurrency resources in 2020, becoming a unique, recognized digital version of gold.

Source: Bloomberg Cryptocurrency Outlook

Bloomberg analysts added that facing similar behaviors in Bitcoin and gold involves another interesting factor. It is observed that Bitcoin is inversely proportional to the US dollar. Based on what we read in our research, this proves the fact that Bitcoin has matured into “digital gold.”

Source: Bloomberg Cryptocurrency Outlook

The Bloomberg report also contains many other interesting observations and conclusions. They pay particular attention to Bitcoin adoption processes and futures markets. Blomberg added that the competition between Bitcoin and other cryptocurrencies will continue. This is generally believed to be the driving force for progress and innovation. You can read the full version of the study here.

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Source: Compiled by BITHUB from 0x Info, the copyright belongs to the author Maciej Kosior, and may not be reproduced without permission

0X Simplified Chinese: Bloomberg believes BTC returns $ 14,000 to view details of January report

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