Report points out that 2020 will be the year that Bitcoin turns into digital gold
A recent Bloomberg report claimed that Bitcoin (BTC) is preparing for a massive rally. Bitcoin the digital gold of this 2020, the publication specified.
The report is part of a series of publications made by Bloomberg, known as “Bloomberg Crypto Outlook”. We recommend this series of reports if you like the technical realm of cryptocurrency finance.
Returning to the topic, it is highlighted that even the name of the report is bullish: “Bitcoin maturity jump” The report cited a number of reasons why the Bitcoin market is maturing, and is about to embark on a sustained upward trend.
He also stated that “BTC is gaining relative momentum as stocks re-establish, if we are governed by history.”
The report also noted that Bitcoin and gold, both considered hedge assets, are expected to earn more. From the recent market turmoil induced by COVID-19.
The report reiterated that Bitcoin can be converted to digital gold this 2020.
Celsius CEO believes Bitcoin will not explode during COVID-19
Alex Mashinsky, chief executive officer (CEO) of cryptocurrency lending platform Celsius Network, believes that Bitcoin has not become an uncorrelated asset enough for investors to turn to in the current financial crisis.
In an interview with the David Pakman Show, Mashinsky said the cryptocurrency did not see a significant increase at the start of the pandemic because: “if you take any snippet over the past year you would see a very high correlation between BTC and the stock market“
This correlation combined with the current crisis may be enough to deter many Bitcoin investors.
“Five years ago BTC seemed volatile against stocks, but now it seems more stable than the stock market.” Mashinsky said.
The firm Arctos signed a $ 1M lease with the Bitcoin Miner Blockware
Private investment firm Arctos Capital has acquired $ 1 million in assets from Blockware Mining LLC, but will lease them to the company so it can continue to operate as usual.
According to a press release, Arctos will lease the latest generation of Bitmain Antminer hardware to Blockware. In addition to allowing the company to continue its mining and hosting operations.
The release details the closing and financing of a $ 1,000,000 sale and lease transaction for Blockware Mining, LLC. A leading Bitcoin mining platform hosting services company, operating in the United States.
The proceeds will be used for working capital and to further expand the company’s mining capacity through the acquisition of additional mining equipment.
A subsequent lease transaction allows companies to sell an asset and lease it to another company or individual for the long term after a full sale.
BTC Holders are accumulating more coins than at any other time
BTC hodlers are accumulating more coins than at any time in over a year. Since the investment in encryption seems increasingly attractive.
According to data from the monitoring resource Glassnode on April 23, this month there was a significant increase in BTC positions.
Approximately 75,000 BTC is added to long-term positions daily, according to figures that track investor behavior.
Known as Hodler’s net position change, the data shows that long-term Bitcoin investors are in bear market mode. Looking to buy coins at what they consider a bargain price.
The metric originally came from the Bitcoin Adamant Capital alpha fund. It equated the activity behind it roughly with buying and selling inside information.