Bitcoin (BTC) continues to convince some of its harshest traditional critics of mainstream finance, while Bloomberg admits that this uptrend doesn’t look like 2017.
In an article on November 27, the post known for its pessimism highlighted a variety of Bitcoin metrics pointing to a bullish future, despite the $ 3,000 price fall on Thursday.
Bloomberg: Bitcoin market is “much more fluid”
A record high of open interest Bitcoin futures, a balance wallet greater than zero, a hash rate, and a lack of correlation between Bitcoin and other macro assets were included as evidence.
“Just look at the technicalities of the market and Wall Street’s growing acceptance of the world’s largest digital currency.”, has begun.
“And while trading doesn’t always go smoothly, the $ 315 billion digital currency is much deeper and more fluid than it was during the last boom of 2017.”
Bloomberg referred to what he describes as “cryptocurrency fanatics” rejecting the idea that current price gains are another bubble. Among them was Cointelegraph regular contributor Mati Greenspan.
“It’s different now,” he said.
“The last time we saw Bitcoin go that high, the blockchain was about to collapse, but the network has seen improvements since then.”
Meanwhile, in a separate interview with Bloomberg TV on Friday, Antoni Trenchev, CEO of the world’s largest cryptocurrency lender, Nexo, predicted that Bitcoin would reach a new peak by the end of 2020, adding:
“The digital gold narrative is stronger than ever. If Bitcoin captures just 10% of the total gold market capitalization, we’ll be at $ 50,000 in no time.”
BTC macro performance smokes gold
The lack of criticism in the article echoes the growing acceptance of Bitcoin as a legitimate asset.whether the investment benefit comes from retail or institutional cycles.
Part of the positive image for the cryptocurrency comes from its eight-month growth streak against its March slide, when it has consistently outperformed other macro-assets. Even after withdrawing to $ 17,000, Bitcoin returns to date are up 135%, against 19% for gold and 12% for the S&P 500., confirm the data from the Skew analytics tool.
As for Gold, Mike McGlone, Bloomberg’s chief Intelligence strategist who has deviated from the broader narrative to be completely bullish on Bitcoin, believes that organizations will continue to pile up cryptocurrencies in the future.
“Does #Bitcoin replace #Gold? # Futures and cash flows say yes: the rise in futures open interest and investor inflows in Bitcoin in the face of the same decline in gold shows that the #cryptocurrency is gaining advantage for its appreciation, ”he tweeted earlier this week.
McGlone added thereafter the gold would likely see a rally next year, with the precious metal “weighing favorably” toward the $ 2,000 recovery.
“The collapse towards the aid tiers towards the end of November should provide the basis for further gains in the price of gold,” he wrote on Friday.