The latest Bloomberg report reveals that the company expects Bitcoin (BTC) to retest its record-breaking 2017 results, possibly even reaching USD 28 thousand.
The report suggests that COVID-19 has accelerated Bitcoin's maturing as an asset, showing its strength in the face of falling stock. Moreover, it points to a steadily growing appetite of institutional investors, especially Grayscale, or GBTC, which consumes about 25% of new supply.
The report says that "something must go really wrong" for Bitcoin not to increase its value. It then states that it will come close to 2017 with 20 thousand dollars, and may even reach a new record of 28 thousand dollars:
According to the report, another main reason for Bitcoin's value increase is the rapid growth of the Tether (USDT). Last May, its market limit was 4 billion dollars. A year later it rose to 10 billion dollars. The increase in Bitcoin's turnover indicates greater acceptance of cryptographic assets:
With half and nearly half of 2020 behind us, we shouldn't wait long to see if Bloomberg's forecasts will come true.
