Bloomberg shares its analysis as to how Bitcoin can hit $20,000 and even $28,000 by December 2020 in their Bloomberg Crypto Outlook.
Last week, Goldman Sachs announced to its clients that they did not see Bitcoin as an asset and had a negative outlook. This week. Bloomberg holds the opposite point of view, stating Bitcoin could reach $20,000, and as high as $28,000, in their recent Bloomberg Crypto Outlook report.
Reasons for the potential increase have to do with how Bitcoin has grown in awareness and maturity for retail investors and institutions, discovery and innovations on digital currencies and assets, futures and ETFs, and steady increase during recent economic uncertainty during COVID19 and decreased volatility.
As the public begins to shift from paper money and continues to transact digitally and an increasing rate, holding bitcoin becomes less foreign of a concept. The printing of money by the Federal Reserve as a stimulus to the economy, also has people thinking about where to store value.
Bloomberg's position on Bitcoin is not reflected in how they think of altcoins and cryptocurrencies, with associating any rise in cryptocurrencies such at ETH would be a "rising tide from bitcoin."
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