05.03.2024

Bitcoin is replacing gold and will hit $ 100,000 in 2021

Bitcoin (BTC) is becoming an increasingly popular asset among a wide variety of investors. Cryptocurrency is gradually replacing gold from traders’ portfolios, according to a February report by analysts from Bloomberg.

A decrease in its volatility had a positive effect on the attractiveness of BTC. Shrinking the range of price fluctuations signals that bitcoin is becoming a full-fledged and innovative asset, which in fact has already become an alternative to traditional instruments.

The Bloomberg team is also positive about the future course of Bitcoin. After the coin broke above $ 50,000, it had the opportunity to test higher values.

In the medium term, BTC will be able to surpass $ 100,000 as the demand for this asset increases and its macroeconomic indicators improve.

The authors of the report emphasized :

“The process of replacing gold in [investors’] portfolios with bitcoin is accelerating and we are seeing the risks decrease. In 2020, the cryptocurrency became legitimate due to a decrease in its volatility compared to the previous year. «

According to Bloomberg analysts, Bitcoin will be able to reach $ 100,000 this year. In the long term, the growth of the price of cryptocurrency will continue, the authors of the study believe.

On Sunday, March 7, the BTC rate is holding just below $ 50,000, the capitalization of the largest digital currency is $ 913 billion.

Bloomberg strategist Mike McGlone periodically points to an improvement in Bitcoin fundamentals. It was this analyst who predicted the return of the cryptocurrency to $ 20,000 in December last summer.

Bloomberg Terminal added quotes for six altcoins

The Bloomberg Terminal platform, which allows professional traders to track and analyze financial market data in real time, has added price tracking for six new cryptocurrencies.

The new coins are Orchid (OXT), OMG Network (OMG), EOS, Chainlink (LINK), Tezos (XTZ) and Stellar Lumens (XLM).

The data itself will be provided by the cryptocurrency index platform CF Benchmarks, a subsidiary of the Kraken crypto exchange, which is regulated by the UK Financial Conduct Authority.

“With robust indices from CF Benchmarks, Bloomberg has added support for six new digital assets. This not only shows that institutional interest is starting to expand beyond Bitcoin, but also highlights how a new asset class is being viewed alongside traditional asset classes , ”said CF Benchmarks CEO Sui Chang.

In his opinion, this move also demonstrates that the cryptoindustry is becoming more diversified, and other digital assets (except for bitcoin, ethereum and other «big players») are gaining recognition not only among retail investors, but also among organizations.

“In seven years, the investment world has changed beyond recognition as Bloomberg added bitcoin price data to its terminals ,” added Chang.

CF Benchmarks data is already used by many institutional platforms. CF is the agent for calculating the Nasdaq cryptocurrency index and Canada’s second Bitcoin ETF, Evolve.

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