Bitcoin fills the digital reserve-asset need in a low-yield world, according to Bloomberg in its April edition of Crypto Outlook.
The report notes:
“Adoption iterations for Bitcoin have entered a unique state of human nature that supports the crypto’s ascent, in our view. Money managers reluctant to cross the Rubicon and allocate at least a small portion of funds may be at risk as Bitcoin simply does more of the same, advancing in price amid unprecendented low interest rates and elevated equities. Bitcoin Support Base Rising to $50,000. Little changed near $58,000 for over a month, Bitcoin appears to be a bull market resting for the next leg of its stair-step rally. Its 20-week moving average has advanced above $40,000 for the first time. Juxtaposed is the downward slope of the broader market, as measured by the Bloomberg Galaxy Crypto Index vs. the Bitcoin price. Adoption of the benchmark crypto as a global reserve asset has crossed the m