- Investors who do not own Bitcoin risk falling behind as the crypto space continues to grow
- A Bloomberg strategist predicts Bitcoin could hit $100,000 by the end of the year
Investors Who Don’t Own Bitcoin Risk Losing Out
The cryptocurrency market, and Bitcoin in particular, has become too large to ignore by mainstream finance. With every passing day, investors are shifting their focus from traditional markets to the looming crypto asset space.
In fresh signs of growing demand for Bitcoin and cryptocurrencies by money managers, a Bloomberg strategist delivered a report. In more detail, Bloomberg’s senior commodity strategist Mike McGlone published the November edition of Bloomberg’s Crypto Outlook.
The strategist underscores how quickly the crypto market is developing in this paper. Moreover, he also notes the record-breaking pace of Bitcoin, which recently surpassed $67,000 to a new all-time high.
That said, the report highlights that money managers with no Bitcoin or crypto, “risk falling behind and underperforming peers who own crypto assets.” Moreover, the report says that in the current environment, crypto assets have outperformed the S&P500 by 200% in 2021.
Bitcoin Could Hit $100,000 by Year End
In comparison, the S&P500 boasts a return of 25% from January to date. On the other hand, Bloomberg’s Galaxy Crypto Index has a return of 236% for the same period.
With great returns, however, comes great volatility. With this in mind, the report says the selloffs in crypto have been more severe than those in stocks. Still, these price declines attract “responsive buyers, most of which face the potential of falling behind by avoiding crypto allocations.”
Furthermore, the analyst says that growth prospects for bitcoin remained strong and healthy. On that note, price projections for bitcoin until the end of the year land at $100,000 per coin.
As cryptocurrency markets continue to develop and aim to cross a valuation of $3 trillion, Wall Street is pushing for access. Against that backdrop, investment professionals and financial analysts expect bitcoin and cryptos to play a bigger role in mainstream markets.