Bloomberg Mike McGlone, Senior Commodity Strategist The six-digit Bitcoin requirement has been doubled (Bitcoin), it is believed that the first cryptocurrency to be born is becoming a global reserve asset that supplements the U.S. dollar.
September Version Bloomberg’s cryptocurrency outlook states that 100,000 USD BTC and 5,000 USD Ether (Ethereum) The “path of least resistance” after the two assets Survived after more than 50% adjustments throughout the summer.
McGonlong wrote: “Crypto assets are emerging in a recovery and renewed bull market, with a substantial discount from previous highs from the beginning, which brings the benefits of 2H,” referring to the second half of 2021. He stated that a portfolio that lacks BTC or ETH exposure is “naked,” as evidenced by the relative underperformance of gold and government bonds:
“Without the addition of Bitcoin and Ethereum, some gold and bond portfolios have become more and more naked. The decline in macro risk aversion is the main threat to the crypto bull market.”
Although the prediction of six-digit Bitcoin is nothing new, Magron’s long-term prediction brings BTC close to the center of the global financial system. “[W]”I believe that Bitcoin represents the digital future,” McGraw explained. Since President Richard Nixon removed the dollar peg to gold in 1971, the U.S. dollar has risen more than 300% against major currencies. He further explained:
“We foresee the future of Bitcoin. This digital reserve asset is a supplement to the U.S. dollar reserve currency.”
related: Afraid of September?Bitcoin price is expected to break the plunge
Bitcoin’s most enthusiastic supporters have long believed that this cryptocurrency will mature to Become a global reserve assetTheir belief stems from Bitcoin’s superior monetary policy in an era when central banks exaggerated the money supply, leading to wealth inequality and rising prices of goods, services, and assets.
Bitcoin’s value proposition has also been recognized by the institutional community. JPMorgan with BlackRock quarrel BTC is eroding the market share of gold as a wealth reserve.
related: Ethereum price surged to a 3-month high above $4,000
Bitcoin price broke through to $51,000 on Friday because The broader cryptocurrency market rebounds to more than three-month highsThe total market value of all cryptocurrencies reached a high of $2.4 trillion at Friday’s high, while the low in mid-July was about $1.2 trillion.