Bloomberg Analyst Sees Bitcoin at $50,000 on Anti-Gold Sentiment
A recent meltdown in the Bitcoin price from its record high near $42,000 has done little to shake its bullish bias, at least according to a Bloomberg analyst.
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The Bitcoin as digital gold narrative is suddenly taking on such significance, hedge funds, corporations, and institutional investors have begun reallocating a portion of their gold holdings into the cryptocurrency, according to Bloomberg Intelligence. A top senior commodities analyst for the financial forecasting giant believes that trend along with climbing Futures interest while gold declines, means that the cryptocurrency is beginning to gain the edge, price appreciation wise. Here’s why this trend will only continue […]
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Bloomberg recently launched multiple asset indices to help investors diversify their traditional portfolios, a pioneering work that combines bitcoin and commodities. Bloomberg – a global financial media, data, and technology company – introduced its Bitcoin & Gold Blend Indices which include the Bloomberg Bitcoin and Gold Equal-Weighted Index, and the Bloomberg Dollar, Bitcoin and Gold […]
An optimistic forecast for gold is making Bitcoin equally bullish, thanks to its erratically positive correlation with the crypto. Gold Boom Ahead Frank Holmes, CEO of US Global Investors, told Kitco News that the gold market is forming a bottom. Simultaneously, the analyst maintained his upside target for the precious metal at $4,000 in 2020 despite the fears of uncertainty around November’s US election and the second coronavirus stimulus package. “The bottom that you’re seeing […]