Yet.
Bloomberg expects bitcoin to double to $20,000 this year, says something needs to go 'really wrong'
- Thread starter johnarb
- Start date
Yet.
Although Bloomberg and Goldman have opposing views, they can both be right. That is just the nature of cryptos...
But when the pandemic hit, instead of raising, Bitcoin took the same hit as the markets, so that doesn't bode well for wealth escaping into cryptos....
Not a fair comparison. When the pandemic hit the default for most was going to cash.
Now that the FED is supporting the markets with virtually unlimited fiat, this is the event that BTC was made for.
Oh I am sorry, I thought it was a store of value and specially in uncertain times. it doesn't get more uncertain then during a pandemic.
Being auto-liquidated on leveraged longs is not what one would do to approach BTC as a SoV.
https://cointelegraph.com/news/data-shows-bitcoin-whales-have-no-intent-of-selling-at-current-prices
Oh yes it does. When you have a full blown economic crisis then it's certain. This little thing with the government cutting checks because a couple of people are getting sick is nothing
If a BTC didn’t move from a whale wallet during the bear move from ~20k to ~4k, chances are they are a hardcore bitcoiner and understand it’s longterm value proposition.
With digital currency being prominent in this situation, i feel bitcoin can not reach a $20,000 mark as China is aggressively developing its own legal cryptocurrency which is expected to give a tough competition to bitcoin and Ethereum.
Fiat currencies such as USD, EUR and CNY all lose value due to the rate of increase in supply. This is why they lose purchasing power over time. A digital version of CNY will be the same. To contrast that, the rate of increase in supply of Bitcoin BTC or Monero XMR is much lower. All else equal they should preserve their purchasing power better than fiat currencies.