Bloomberg is saying that all signs point to Bitcoin going on the significant bull run in 2020, the main inquiry is whether it will break the unsurpassed high of $20,000.
The most recent report from Bloomberg uncovers that the organization expects Bitcoin (BTC) to retest the record highs from 2017, and may even go as high as $28,000.
COVID-19 and Bitcoin
The report shows Bitcoin's strength in the midst of declining stocks. Also that COVID-19 has accelerated the maturation of Bitcoin as an asset.
What's more, it points to the ever-increasing appetite from institutional investors, and Grayscale, or GBTC, specifically, which has been consuming about 25% of 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%.”
Reduction GBTC/BTC premium
Bloomberg finds the reduction of GBTC/BTC premium a telling sign: