One analyst at Bloomberg believes Bitcoin is on its way to become a “global digital reserve asset” for investors escaping from inflation.
Mike McGlone, a senior commodity strategist at Bloomberg Intelligence recently posted a graph showing the BTC/USD annual average price and the Bitcoin Liquid Index.
Bitcoin Chart. Source: Twitter
As shown in the chart, Bitcoin could reach a price of over $400,000 by 2021 considering price behavior in the past. BTC is transitioning from a mere speculative asset into a store of value, as investors are considering adding it to their portfolios. This institutional interest in Bitcoin could mean a “maturation leap” for the cryptocurrency, according to McGlone.
“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 said.
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