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Rising inflation and weakening dollar positions will help BTC’s price skyrocket, according to the Bloomberg strategist.
Existing bitcoin still criticized for being too volatile, but Bloomberg analysts believe that “on the contrary, bitcoin is becoming the first choice for risk-averse, highly volatile investors that make bitcoin possible. more attractive than other assets ”.
In a tweet on March 25, Mike McGlone, Senior Strategist’s Bloomberg Intelligence, saying that “this year marks the most important year for bitcoin”.
According to McGlone, 2021 is a pivotal moment for bitcoin, and this year it will trigger its biggest rally ever.
“Bitcoin, it is on its way to becoming a global digital reserve asset, to be exact … in 2021 there will be a leap that could transform Bitcoin into a risk-free asset,” McGlone said.
He thinks that bitcoin investors can expect an extremely high high this year, according to him, the target could be as high as $ 400,000 / BTC.
“The price could go up by 400,000 USD for 1 BTC, which is reasonable.”
McGlone did not provide details on the underlying factors fueling the growth of bitcoin, he just emphasized that “the portfolios of many large institutions have the presence of bitcoin in them, they are increasing their allocation to bitcoin … the demand is still huge”.
Michael Saylor, CEO of MicroStrategy, one of the largest holders of bitcoin in the world, said, “Our mission now is to get other institutions to enter the Crypto market, I want bitcoin to have. on the balance sheet of every company ”.
Like Cointelegraph reported, the average return for BTC / USD has been at the top 200% per year since the cryptocurrency’s inception.
Morgan Stanley has become First big bank Opening access to Bitcoin funds to high net worth investors next week, this move by Morgan Stanley will make it easier for institutional investors to access bitcoin.
At the time of writing, BTC price is moving around $ 54,000 after hitting a high of $ 61,109 on March 14 and falling to a low of $ 50,846 on March 25.
If you do not have a Binance account, register here: https://CHK.com/go/binance
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