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With institutions looking for shielding from inflation and dollar devaluation, historical trends might witness BTC/USD 8X from present prices, as per Bloomberg Intelligence.
Notably, Bitcoin still gets denounced for being too volatile. Nevertheless, one Bloomberg analyst is of the opinion that it is becoming a “risk-off” alternative for investors.
In a recent tweet, the senior commodity strategist at Bloomberg Intelligence, Mike McGlone mentioned that this year marked a watershed moment for the largest digital asset by market cap and 400k USD price per BTC would “rhyme” with history.
The strategist uploaded a chart of the BTC/USD average price and the Bitcoin Liquid Index, a price ticker specifically designed for institutional application.
He wrote,
“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.”
A likely price top this year, with earlier action as context, might be as much as four hundred thousand dollars per coin, as per the chart. This overshadows other approximations, such as that of stock-to-flow, which suggests an average price of 288k USD between now and 2024.
In the interim, Fed Chair Jerome Powell analogized Bitcoin to a replacement for gold, to Schiff’s dismay. However, he added that it did not pose any threat to the dollar or to financial steadiness.
According to previous media reports, average returns for BTC/USD have topped two hundred percent every year since the inception of the digital asset.
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