BitcoinBloombergBTC price predictionCointelegraph.com

Bitcoin can reach $400K in 2021 as ‘risk-off reserve asset’ — Bloomberg

With institutions demanding protection from inflation and dollar depreciation, historical trends could see BTC/USD 8X from current prices, says Bloomberg Intelligence.
Bitcoin (BTC) still gets criticized for being too volatile, but one Bloomberg analyst believes that it conversely is becoming a “risk-off” choice for investors.In a tweet on March 25, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that this year marked a watershed moment for the largest cryptocurrency.$400,000 BTC would “rhyme” with historyMcGlone uploaded a chart of the BTC/USD average price and the Bitcoin Liquid Index, a price ticker specially created for institutional use.”..Well on its way to becoming a global digital reserve asset, a maturation leap in 2021 may be transitioning Bitcoin toward a risk-off asset, in our view,” he wrote.A potential price peak this year, with previous behavior as context, could be as much as $400,000 per coin, the chart shows. This dwarfs other estimates, such as that of stock-to-flow, which calls for an average of $288,000 between now and 2024.BTC/USD price indices chart. Source: Mike McGlone/ Twitter/ Bloomberg IntelligenceWhile McGlone did not provide exact details of the factors behind Bloomberg’s view, the idea of Bitcoin reducing, rather than increasing portfolio risk is the talking point of the year among corporates. New reports of treasury allocations to BTC appear frequently, with appetite unfazed by price action.”My mission right now is to fix the balance sheets of the world,” Michael Saylor, CEO of MicroStrategy, one of the largest Bitcoin treasury investors, said in an …
Story continues on Cointelegraph

Related posts
BinanceBit.comBitcoinBitcoin (BTC)Bitcoin derivativesBitcoin OptionsBitcoin.comBTCDeribitGlassnodeHuobiledgerxNewsOKExOptions DataResearchSkew.com

Over $6B in Bitcoin Options Set to Expire Today, April Contracts Show Bets for $80K per BTC

A number of options traders are betting that bitcoin prices will tap $80,000 by May 2021. Meanwhile, over 100,000 bitcoin options worth more than $6 billion are set to expire on Friday, smashing the previous record expiry seen in January….
BitcoinBTC Trading ViewNewsNews 1SocialTrading View

GBTC discount hit all time high, so where will Bitcoin's price head next?

Grayscale Bitcoin fund products have traded at average discounts of 4.66% and 4.34% compared to NAV (net asset value) throughout March. This comes at a time when Bitcoin’s price has dropped over 8% inThe post GBTC discount hit all time…
Brian BrooksCBDCCointelegraph.comDigital DollardollargoldGovernmentUnited States

Former OCC official says crypto has backing but dollar ‘may not’

Former OCC acting comptroller Brian Brooks claimed that cryptocurrencies like Bitcoin “actually are backed by something.” Brian Brooks, former acting comptroller of the currency of the United States Office of the Comptroller of the Currency, has claimed that cryptocurrencies like…