Bloomberg analyst report: BTC winning adoption race due to limited supply & increasing demand for store of value

posted 6 months ago
Senior commodity strategist for Bloomberg Intelligence Mike McGlone wrote a report stating that he believes Bitcoin is “winning the adoption race” in the cryptocurrency space and could keep rising in 2020. According to the report, there are 2 factors to take into account benefiting Bitcoin: its fixed supply of 21 million BTC, and increasing adoption as a store-of-value asset.

The analyst wrote BTC’s supply is set to increase only 2.5% this year, on its path to “zero growth.” The analyst’s report goes on to say “Our takeaway is straightforward: Bitcoin is winning the adoption race, notably as a store-of-value in an environment that favors independent quasi-currencies. The analyst went on to say that Bitcoin is likely going to migrate towards its 2019 high, close to $14,000.
Tags: opinion, bitcoin