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Bitcoin Already Started to Replace Gold, Next Target $100,000: Bloomberg Report

Bitcoin continues to attract more funds previously put in gold, bonds, and stocks, said Bloomberg in its latest crypto-related report. The paper forecasted $100,000 as the next possible price threshold while also outlining that BTC has begun the process of replacing gold as the hedge of choice.
Bitcoin Displaces Gold?
The narrative that bitcoin, also referred to as digital gold by some, will or has already started to replace the precious metal has been widely discussed within the cryptocurrency community in the past year or so. The COVID-19-induced financial crisis and rebalancing of the financial industry poured more fuel into the digital fire.
Bloomberg strategists also reaffirmed this stance in their March Crypto Outlook paper. It reads that “the process of bitcoin replacing gold in portfolios is accelerating, and we see risks tilted toward more of the same.”
The document highlighted 2020 as BTC’s breakout year for institutional investors and corporations, as the cryptocurrency “gained legitimacy with declining volatility versus the opposite in most assets.”
The situation has also intensified in 2021 as “old-guard gold allocators” have focused on “prudent diversification.”
“Bitcoin inflows are accelerating, along with gold outflows, and we see scant reason to reverse the trend. The ratio of the price of the potential global digital-reserve asset vs. an ounce of the old-guard metal appears on a path toward 100x, after breaching 10x that held resistance since 2017.”
Previously, analysts from the US multinational investment giant JPMorgan indicated that the bullion’s price could suffer in the upcoming years as …
Story continues on Crypto Potato

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