The assessment came from Bloomberg for the biggest cryptocurrency Bitcoin that all signals indicate a new bull run.
Bloomberg’s latest Bitcoin report looks like it will make the biggest crypto investors smile. According to the report; the company expects the record to be retested in December 2017. It is even stated that BTC can reach $ 28 thousand.
Bitcoin appetite of institutional investors
In the report, it was emphasized that the coronavirus epidemic proved the power of BTC in an environment where Bitcoin was beneficial and other stocks fell. In the report, which stated that Bitcoin has reached the maturity period, the institutional investors were also mentioned, and the appetite of Grayscale and GBTC on this issue was pointed out. The following comments were made by writing that these institutions consumed 25 percent of the new supply:
“So far this year, managed assets (AUM) have consumed 25 percent of newly produced Bitcoins. This figure was below 10 percent in 2019. Our chart indicates that the 30-day average statistic has increased rapidly in Grayscale, which has gone towards 340,000 in Bitcoin equivalents. This equals 2 percent of the total supply. 2 years ago, this figure was 1 percent. ”
Another sign: contraction in GBTC / BTC premiums
Bloomberg also sees the contraction in GBTC / BTC premiums as a sign:
“Despite strong entries, the decreasing premium in GBTC shows that the supply has withdrawn from the market and has matured. In the 30-day average, the 20 percent premium on the net asset value of the escrow company is compared with the average of 39 percent. ”
“It can reach twice the 2019 summit in 2020”
An important point was mentioned in the report and some things should be seriously reversed in order for Bitcoin not to be valued further:
“The highest figure last year was $ 14,000. If Bitcoin continues to stay in the same band, it can reach twice the figure in 2020, which means very little in the big picture. ”
According to the report, another factor in the strengthening of Bitcoin is Tether (USDT). The market value was $ 4 billion last May. It was $ 10 billion a year later. This increase in fixed coins shows that crypto assets are also more adopted:
“The interest in the digital connections of the dollar represents trading without reserves in the world’s reserve currency and keeping it as a value. As the world is rapidly digitalizing today, we can act accordingly, acting in parallel with the adoption of paper money in history. ”