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Bitcoin: Bloomberg Intelligence puts it at $ 400,000 this year

torajacybernews by torajacybernews
March 31, 2021
in Bitcoin, Guide
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Bitcoin: Bloomberg Intelligence puts it at $ 400,000 this year
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The cryptocurrency in vogue has had a difficult last few days, closer to $ 50,000 in its lowest moments, although now it is further away from that level and has managed to overcome. There are endorsements to the asset but also strong criticism, mainly from the institutions, the FED and the BIS. The great news, the alleged illegalization of which Ray Dalio speaks and that already in the US you can buy a Tesla with Bitcoin.

Fidelity this week commented on its plans to launch an ETF called the Wise Origin Bitcoin Trust, whose objective will be to replicate the index that collects the spot prices of various Bitcoin markets, with its digital subsidiary as custodian. But now the go-ahead is needed from the SEC, which has so far rejected other similar requests. Fidelity was one of the first firms to embrace cryptocurrencies as assets, but now it may be another new Bitcoin legitimation gate.

Although the anecdote of the week led us to the statement before Congress by Jack Dorsey, the CEO of virtual Twitter before Congress. Declaration from the kitchen of his house in which what attracted attention was what was seen in the background to the left was a clock … of Bitcoin, which marks the real time the price of the currency, as well as other variables of the cryptocurrency.

Thomas Perfumo, Director of Strategy at Kraken, one of the most important Bitcoins exchange platforms, believes that “the secret of the rise in the value of Bitcoin is simple: there are only 21 million bitcoins and the rate of release of new bitcoins it is cut in half every four years. Every time the demand for Bitcoin increases, like now, the price shoots up because the supply is very inelastic. Furthermore, I believe that over the next decade we will continue to see growing adoption, both by individuals and institutions. A change in the macroeconomic context, such as a sudden increase in inflation, could further accelerate this trend. “

In addition, from Kraken, its head of Strategy states with respect to volatility and the future of the asset that “cryptocurrencies undoubtedly experience certain peaks of volatility during periods of greater market activity. Bitcoin is up 450% in the last six months, for example. I believe that the widespread acceptance that these assets are having, the growth in market size and the diversified products that create greater access and exposure to cryptocurrencies will continue to reduce volatility in the long term. “

In his stock chart we see that Bitcoin has had a bumpy week. Something that does not take us by surprise, but in which we see again how support or criticism continues to affect investors’ buying and selling mood, with falls of 5.25% in the last five days, with increases in the The 21.3% month in the quarter is now at triple digits, specifically 126.8% and so far this year the advances exceed 91% for assets.

And the supporters and detractors return, of equal weight on Bitcoin. Ray Dalio, founder of Bridgewater, considers in his latest book “the changing world order” about to go on sale that he believes that the US government is going to outlaw cryptocurrency as it did in its day, back in 1934 with the holding of gold among individuals, as highlighted this week to Yahoo Finance in an interview.

It argues that, in this case and under certain circumstances, it could happen in order to control it, given its explosive rise, the result, among others, of a context of excessive liquidity, inflation, rates below zero, high levels of debt and the search for hedging assets.

through the roof

This week, the Bitcoin “through the roof” is joined by Bloomberg Intelligence, which considers that the relationship between the virtual currency and the dollar could be multiplied by eight and reach no less than $ 400,000, not in the long term, but already in 2021 Its senior strategist, Mike McGlone, says that this exercise may represent its transition to Bitcoin on the path to becoming a risk-free asset, despite the fact that high volatility is one of the most criticized common characteristics.

While certainly the shock of the week, it couldn’t come from anyone but Elon Musk. The great musketeer defender of cryptocurrencies was once again giving a blow of effect by announcing that you could buy a Tesla with bitcoin. Although the B side of the news, at least in Spain was put by the general director of Renta 4, Jesús Sánchez Quiñones when indicating that whoever pays the electric car in the asset will have to pay the tax corresponding to the capital gain obtained with the revaluation of Bitcoin, because it is not considered a currency but a financial asset. Of course at the moment, it is only available to those who buy it in the US.
But, on the other side, the criticism is raging. From the FED his president

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