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Bitcoin Can Reach $400K In 2021 As ‘Risk-Off Reserve Asset’ — Bloomberg


March 26, 2021 · By JP
Bitcoin (BTC)

With institutions demanding protection from inflation and dollar depreciation, historical trends could see BTC/USD 8X from current prices, says Bloomberg Intelligence.

Bitcoin still gets criticized for being too volatile, but one Bloomberg analyst believes that it conversely is becoming a “risk-off” choice for investors.

In a tweet on March 25, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that this year marked a watershed moment for the largest cryptocurrency.

$400,000 BTC would “rhyme” with history.

McGlone uploaded a chart of the BTC/USD average price and the Bitcoin Liquid Index, a price ticker specially created for institutional use.

“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,” he wrote.

Full story at CoinTelegraph

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