Bloomberg analysts have published another review of the situation on the cryptocurrency market. A recent study revealed that bitcoin could repeat the scenario observed from 2016 to 2020 over the next four years, reports the SEEbiz portal.
Analysts pointed out that the long-term growth in the value of bitcoin was driven by basic supply and demand factors.
To date, 90 percent - of the final 21 million - of bitcoin is on the market. However, a limited amount is one of the most important factors in the growth of cryptocurrency values.
Given the fact that the demand for this instrument by institutional investors is growing, it is possible to predict that the dynamics of bitcoin will continue in the coming years.
Bitcoin could climb to $ 14,000 this year, analysts predict, which means that the cryptocurrency in question has a chance to repeat the growth from last June.
One of Bloomberg’s strategists, Mike McGlone, announced this summer that the price of bitcoin in the market could reach $ 20,000 by the end of December this year due to the growing activity of Bitcoin Wallet.
Bitcoin is growing steadily this year - in line with the trend, and is currently trading at around $ 11,334, depending on the stock exchange and wallet.It is also the most valuable digital currency by market capitalization, with a current value of about $ 200 billion, according to statisticians.
The co-founder and CEO of Global Macro Investor added that the global economy is moving from a "phase of hope" to a "phase of insolvency" because investors understand that the economic recovery from the pandemic will take longer than expected, reports the Bizlife portal.
"There are no incentives and we have more problems in Europe, the United States and elsewhere. "Companies have no income, they are closing down and that is what I call the insolvency phase."
He emphasized that he himself started buying more and more bitcoins.
,,Bitcoin is the first digital monetary system capable of storing all the money in the world for every individual, corporation, and government in a fair & equitable manner, without losing any of it. If that’s not intrinsically valuable, what is?" -Michael Saylor
What do you think about bitcoin’s intrinsic value? Is it wise to buy bitcoin now, and make money in the next 5 years ...? Raul Pal, the former manager of the hedge fund Goldman Sachs, which he founded and now runs Real Vision, says that the value of bitcoin will reach one million dollars in five years.
I support BCH, but he is my number one :)