Bloomberg financial projections have the potential to influence the markets. The followers and subscribers of the financial news outlet are about 325,000 from all parts of the world and include some of the industry’s biggest names. Investors, brokering managers, and hedge funds look to this service to get an insight into the latest market trends. The outlet has recently published a new report about the massive institutional crypto adoption.
The report suggests that Bitcoin has the potential to climb as high as $400K on account of the rising interest of traditional financial institutions and big-time investors in the firstborn crypto. The Bloomberg analyst team prepares the report under the supervision of head investor Mike McGlone. McGlone and the team believe that the anchoring $50K mark is the asset’s baseline support.
Bitcoin Institutional Support on the Rise; More Bigger Players are Likely to Join
The Bloomberg report has made an important prediction about the future of the flagship cryptocurrency. There is an expectation of a massive rise in the price. The main cause of this rise is the presence of institutional investors like VISA, Morgan Stanley, Goldman Sachs, Tesla, and many more leading corporations. Each of these investors has Bitcoin holdings amounting to billions of dollars individually.
These names were mentioned as evident proof of the potential for the flagship cryptocurrency. The report stressed the possible acceleration of the mass scope for institutional adoption for Bitcoin and act as underpin. The report also took due notice of the Bitcoin pegged ETFs in North American countries like Canada and Brazil to further strengthen its bullish position.
Bloomberg Quarterly Report Claims that Bitcoin to replace Gold just like the Dollar
The Bloomberg team has taken a deep dive into the historical behavior of Bitcoin and shared valuable information based on that data. A graph suggests the BTC low volatility and halvings are aligned favorably to match the same gainful grounds as 2013 for a 55x upsurge and 2017 for a 15 times appreciation. Based on the regression monitor for 2011, Bitcoin shows the potential to hit the $400,000 mark since 2011 ATH.
There are several occasions where Gold was referred to as an ‘old hedge,’ and it was projected that the crypto conversion is more sudden than a gradual transition as a store of value. It was also predicted that should the current prices continues, the Bitcoin market cap would expand to a market cap of $7 trillion. This volume is three times bigger than Apple Inc. and a rank much closer to the $10 trillion gold market cap.