What Is Technical Analysis The Study Of?
Bloomberg have recently published an eight page report in which they evidence the rapid maturation of Bitcoin and how it is now ready to take its place as the digital equivalent of gold.
The report, which is given out to all of its Bloomberg constituents details how Bitcoin is due to make a transition into gold-like asset very soon and that a massive bull run is on the cards later this year.
“THIS YEAR MARKS A KEY TEST FOR BITCOIN’S TRANSITION TOWARD A QUASI-CURRENCY LIKE GOLD, AND WE EXPECT IT TO PASS.”
Excerpt from ‘Bitcoin Maturation Leap’ – Bloomberg.
It goes on to postulate that gold and crypto stand to be the primary beneficiaries of the unprecedented global monetary stimulus that will accompany a mean-reverting stock market. The fascinating paper highlights how Bitcoin’s correlation to gold has increased to all-time highs in light of unparalleled quantitative easing and that this cash stimulus will support quasi-currencies.
Bloomberg believes that this year will confirm Bitcoin’s transition from a risk-on speculative asset to the crypto markets version of gold.
Could 2020 be the year that Bitcoin finally grows up?