Bitcoin is going to boom this year. That’s the verdict, according to Bloomberg’s crypto’s outlook for 2020. Within the recently published report, Bloomberg market analyst Mike Mcglone outlines exactly how BTC can attain its 2019 high. Spoiler alert: it’s mostly to do with a correlation to gold.
Bitcoin isn’t called “digital gold” for nothing. Its association with the precious metal has been religiously quoted by cryptocurrency experts and enthusiasts alike for years—and for good reason. The flagship cryptocurrency holds innumerable qualities that mimic the yellow metal. They’re both “mined.” They’re both transferable. They can both be divided. But most importantly, they’re both limited assets and are arguably most comfortable as safe havens.