Bitcoin Might be Heading Towards $100k as Investors Prefer Bitcoin over Gold
A senior commodity strategist working for Bloomberg intelligence says that Bitcoin may be heading for the $100k margin as investors are showing more and more interest in Bitcoin as compared to gold. They are investing a lot of money not in gold but in Bitcoin as their reserve asset. Another editing made by the senior strategist proclaimed that the crypto investing firm going by the name Grayscale Bitcoin trust closed around a 2.7% discount in February, which might signal that the value of Bitcoin might be preparing for a two-fold increase in the future.
According to the senior strategist, this sudden price dropping is the proposition of a scenario where cryptocurrency, essentially Bitcoin, has formed a substantial price foundation to begin with. All this, mixed with the current rise the Bitcoin sees among the crypto market, are the indicators that the current bearish trend that is whipping Bitcoin in the crypto market might not only end but provide a push to the Bitcoin’s price that it so requires at the moment.
Bitcoin Might Replace Gold as the Ultimate Reserve
This isn’t the end of the praise made by the senior strategist as he so profoundly claims further that Bitcoin is currently in a process to not only change the current reserve asset, which is gold but replace it completely. A substance or natural element that shines and shows people’s materialistic nature might get entirely replaced by a digital currency that no one can touch or see but have in their digital wallets; it is kind of bizarre.
Many investors are trying to invest heavily in Bitcoin, but they prefer Bitcoin over the gold to divert their investment portfolio. However, nothing can be stated as the absolute final as no one knows where the current tensions among getting ahead of the bearish trend and bringing back the bullish ones among the crypto market’s volatility might make Bitcoin and its supporters. But one thing is for sure that Bitcoin has not only created a fundamental hype regarding digital currency and its importance, but it is about time that people understand this key concept.
Currently, Bitcoin is trading at $47,474 after a decrease of 4.59% in the past 24-hours.
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