“Bitcoin will approach record high of about $20,000 this year”

The latest report from Bloomberg reveals that the company expects Bitcoin (BTC) to retest the record highs from 2017, and may even go as high as $28,000.

COVID-19 & Institutions helping Bitcoin

The report suggests that COVID-19 has accelerated Bitcoin’s maturation as an asset, showing its strength amid declining equities. In addition, it points to the ever-increasing appetite from the institutional investors, and Grayscale, or GBTC, in particular; which has been consuming about 25% of the the new supply:

“So far this year, its increasing AUM has consumed about 25% of new Bitcoin-mined coins vs. less than 10% in 2019. Our graphic depicts the rapidly rising 30-day average of GBTC AUM near 340,000 in Bitcoin equivalents, about 2% of total supply. About two years ago, it accounted for 1%.”

Narrowing GBTC/BTC premium. Source: Bloomberg.

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