According to a recent report made available by the Bloomberg analyst, the institutional adoption of Bitcoin is on the rise, which means that its price could reach up to $400k. This might not come as a surprise to a number of dedicated traders out there because, at the end of the day, it is kind of a given that hotel chains, sports clubs, aviation departments, and so on so are accepting Bitcoin now and even making it an integral part of their financial practice.
Other than that, some notable companies such as Visa, Morgan Stanley, Goldman Sachs, and others have also been lining up to join the Bitcoin parade, and there are many more to come without any doubt. This does confirm the position of Bitcoin not only as a strong cryptocurrency but also as a chance to someday counterfeit the volatility of the crypto market if that can be pulled.
Bitcoin might Replace Gold in the Upcoming Decades
The main title of this reasoning is, in fact, confusing for some people out there as they don’t think that decades are necessary to replace gold or Bitcoin, especially the speed it has been going at. But then again, it is the gold that we are talking about, which has remained an investment medium for more than centuries, and that is why decades are required to completely out throw and replace it even at the current speed Bitcoin is pushing forward with.
The report further had to add the fact that as more and more financial institutions keep on accepting and integrating Bitcoin into their main money line, it is about time that the price of Bitcoin has to be bumped, but that again can’t happen until a sizable number of agencies/companies have pledged their allegiance to Bitcoin and have actually added it into their dedicated financial systems. The regression since the year 2011 is at its peak, which makes experts hint at such a massive ($400k) increase in price, this is simply a theory too which will be put into test in the upcoming days, but at the moment, Bitcoin still has to break the $60k resistance.