Bloomberg Analyst Predicts Cryptocurrency Starting a Long-Term Upswing
Bloomberg Intelligence analyst Jamie Coutts believes that the cryptocurrency market and blockchain technology are as of now at the beginning of a “structural uptrend.” Coutts notes that that the liquidity cycle hit a low in Q4 2022, affecting the number of users of smart contract blockchains. Nonetheless, according to Coutts, the liquidity cycle only impacts the rate of change of adoption as blockchain adoption consistently increases year over year, regardless of asset prices.
Coutts likewise outlines that certain energy-rich nation- states have invested whole lot of amounts into Bitcoin (BTC) mining facilities and are considering it a strategic energy initiative. These countries are projected to hold Bitcoin on their balance sheets. He concludes that “the first of the sovereigns have arrived.”
Bitcoin’s Current Value and CTA
As of the present time, Bitcoin (BTC) is valued at $37,574. If you want to stay updated on the latest in the cryptocurrency world, you can subscribe to email alerts and check real-time price action through numerous social media platforms.
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Hot Take: The Future of Crypto
Bloomberg Intelligence’s Jamie Coutts is optimistic about future of the cryptocurrency. According to Coutts, the liquidity cycle is at a low point, impacting the adoption of blockchain technology and digital currencies. Nonetheless, regardless of asset prices, blockchain adoption continues to increase year over year. Coutts believes that we are at the start of a new cyclical upswing, positioning cryptocurrency and blockchain for a long-term trend that is set to last for several years. In addition, he notes that that Bitcoin (BTC) is becoming a reserve asset for certain countries, indicating a growing institutional interest in the cryptocurrency.
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