You are currently viewing Bitcoin Rapidly Replacing Gold, Says Bloomberg

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The Lede

Bloomberg’s Monthly Crypto Outlook is out and it’s a good one. Here’s a quick hit of the subjects they cover:

  • Price support at $50,000

  • $400,000 price prediction

  • Bitcoin as reserve asset

  • Bitcoin filling in gold’s role quickly

  • Growth in publicly traded companies with crypto exposure

  • Exchange outflows

The gold conversation is particularly savage. In effect, Bloomberg is arguing that there is an inevitable long term trend away from gold and towards bitcoin, and that the transition is happening a lot quicker than some might think.

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That’s the implied valuation with new Wall Street analyst targets for Coinbase

Final Thought

There it is.