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Bloomberg Crypto Report Concludes Bitcoin May Be Priming For A Massive Bull Run
Summary: Bitcoin is prepared to make a massive bull run, according to a report from Bloomberg. The April 2020 version of Bloomberg’s Crypto Outlook finds that Bitcoin and gold, which are both seen as hedge assets, are likely to win the most from the recent COVID-19 induced market turmoil: “Bitcoin and gold also stand to be ...
Bitcoin is prepared to make a massive bull run, according to a report from Bloomberg.
The April 2020 version of Bloomberg’s Crypto Outlook finds that Bitcoin and gold, which are both seen as hedge assets, are likely to win the most from the recent COVID-19 induced market turmoil:
“Bitcoin and gold also stand to be primary beneficiaries of the unprecedented monetary stimulus that's accompanied by a mean-reverting stock market.”
The report also finds that Bitcoin's correlation to gold “has increased to all-time highs”, stating:
“This year will confirm Bitcoin's transition from a risk-on speculative asset to the crypto market's version of gold.”
The report claims that 2020 will be the year when Bitcoin becomes digital gold:
“This year marks a key test for Bitcoin's transition toward a quasi-currency like gold, and we expect it to pass.”
By Ramsey Baker
Tags: Bitcoin,Bloomberg,Coronavirus,COVID-19,Cryptocurrency,Gold
Link: Bloomberg Crypto Report Concludes Bitcoin May Be Priming For A Massive Bull Run [Copy]
