Bloomberg Galaxy crypto index, in its latest edition of “Bloomberg Crypto Outlook” presents three factors that will immensely contribute to Bitcoin Bull Run, with new vindications that the crypto giant is on its way to becoming a digital gold.
The first crucial factor that will catapult Bitcoin to Bull Run as identified by Bloomberg, is Bitcoin’s volatility, which will continue to diminish till the crypto giant becomes an abstract asset.
The report confirmed that recently, Bitcoin displayed the lowest volatility ever against crude oil, attesting that Bitcoin is gradually transiting into “mainstream and increasing appeal as a digital equivalent of gold.” The volatility of Bitcoin should continue to decreased, the release said Bitcoin’s major demand and adoption indicators remain favorable with remarkable growth in the number of on-chain addresses and futures open interest.
Bloomberg added that Bitcoin will continue to outshine Altcoins such as Ethereum (ETH), Litecoin (LTC) among others. Based on historical pattern, the report of the popular new platform proposed that adoption will drive BTC price to $12,000
Mass Adoption Puts Bitcoin in Bullish Circle
Bitcoin, according to analysis presented by the Bloomberg Crypto Outlook, has recorded a 12% loss in the last one year. Ethereum has recently been recording better performance against Bitcoin in term of price growth, nevertheless it also recorded a 21% loss against the US Dollar within the same duration. On the other hand, XRP and Litecoin dropped by 56% and 65.2% respectively.
Notwithstanding, Bloomberg proclaimed Bitcoin is the champion in the area of all adoption. Bitcoin’s adoption can be clearly examined by observing the Grayscale Bitcoin Trust (GBTC). GBTC is a good case study to peep into the mass adoption of BTC as data indicates that the trust had experience high influx of buyers and at some period bought the largest share of Bitcoin produced by miners.
As affirmed by Bloomberg, GBTC is reflecting on its returns over the last one year which is evident enough to indicate that the digital gold will soon experience a Bull Run.
Central Banks Inflationary Measures May be Another Plus Bitcoin
On a final note the Bloomberg’s July 2020 edition of its “Bloomberg Crypto Outlook” presents that inflationary policies adopted by central banks will be the third factor to usher Bitcoin into its all-time high value. Inflationary policies according to Bloomberg will support the treasuring of Bitcoin and foster its transfiguration to digital gold.
However, Bloomberg pointed out that no bull run can be experienced in the Crypto market without Bitcoin’s growth.
