By Hassan Mehmood (Saudi Arabia)
Bloomberg is the centre of attention for millions of traditional and non-traditional traders around the globe. In a recent report prepared and published by senior commodity strategist-Mike McGlone, Bloomberg endorsed the idea that the BTC bull trend has high chances of moving skyward in the near future. McGlone also posted a BTC liquidity and USD/BTC annual average price comparison to support his bold claims.
According to his chart, if the price behaviour of Bitcoin remains streamlined, it can reach a new all-time high of $400,000 by 2021. McGlone attributes this rise with affirmation and universal acceptance of Bitcoin as a flagship currency. The BTC price-envelop is pushed by the rising interest of institutional investors and high-net-worth individuals, adding it to their portfolios.
Bitcoin Price gains through ETFs and Apple Inc.
The speculations about Apple Inc.’s betting stakes in Bitcoin are growing stronger by the day. The company has not officially announced any news regarding cryptocurrencies; however, the addition of Cupertino tech giant on its list of companies calls attention to the crypto scenario. Apple has a behemoth market cap of $200 billion and a massive following and reach. Its biggest rival, Samsung, has already incorporated it into its flagship product, Galaxy S10.
Meanwhile, financial analysts and Bitcoin holders have been anticipating the formation of Bitcoin-based ETFs to break into acting in the USA any second. SEC has already acknowledged the application for ETF registration by Investment giant VanEck. The introduction of BTC-based ETFs would thrust the flagship cryptocurrency price to record levels. However, there has been a lingering risk of an authoritative ban on BTC by central banks and governments based on threat potential towards centralized and monopolized monetary systems.
Is America Moving On from Bitcoin Already?
The mainstream market is quite unpredictable when it comes to cryptocurrencies. According to a survey by CoinGecko, the top trending digital asset last week in the USA is Ethernity Chain native ERN. This spark has been ignited by the association of skateboarding legend Tony Hawk with Ethernity Chain.
The same blockchain has also planned to work with artists like BossLogic and introduce NFTs based artwork contributed to boxing legend Muhammad Ali. Due to these famous associations, the blockchain has been getting a lot of media and mainstream attention from sports enthusiasts all over the USA. Its native currency ERN has gone from a listing price of $0.275 to $74 in the span of 20 days, showing a 2000% upsurge.
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