Bloomberg Bitcoin Forecast for September Confirms $ 100k Target
Investing.com – Bloomberg's monthly Crypto Forecast Report released last week confirmed the Bitcoin forecast from previous editions, which was for BTC at $ 100,000. The report further claims that the first cryptocurrency is on its way to becoming a global reserve asset complementary to the US dollar. Bloomberg's September edition of Crypto Outlook called $ 100,000 in BTC a “path of least resistance” after both assets survived a correction of more than 50% over the summer.
“Cryptoassets appear in a rekindled and refreshed bull market with the 2H advantage of a steep haircut from previous highs early on,” wrote McGlone, responsible for the report, referring to the second half of 2021. He said that portfolios with no exposure to BTC or ETH are “bare”, as evidenced by the relative underperformance of gold and government bonds:
“We believe bitcoin is the digital future,” McGlone said after explaining that the dollar has risen more than 300% against its major counterparts since President Richard Nixon removed the greenback's peg from gold in 1971. He also explained:
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Sept 5 (by Reuters) – Bitcoin rose 0.49% to $50,188.4 at 1004 GMT on Sunday, adding $245.24 to its previous close. The world's biggest and best-known cryptocurrency is up 81% from this year's low of $27,734 on Jan. 4. Ether, the coin linked to the ethereum blockchain network, rose 1.16% to $3,932.07 on Sunday, adding $44.97 to its previous close.
Bitcoin will officially become the national currency of El Salvador tomorrow
Since last June, the President of El Salvador Nayib Bukele has been making the headlines in Bitcoin. Indeed, El Salvador is the first country to adopt the Bitcoin cryptocurrency as the official national currency as announced by Futura in our article to read below. The “Bitcoin” law, making this announcement a reality, will come into force in just a few days: on September 7th. Futura explains to you what this entails.
A communication campaign to promote Bitcoin
El Salvador, a country on the South American continent, has thus become the first nation to issue an advertising video promoting Bitcoin. This advertisement shows in particular that Bitcoin can be used to operate financial transfers like what Salvadorans used to do with the US dollar, the historic national currency of the country which will retain its title alongside Bitcoin. In order to promote the adoption of cryptocurrency in the country, the government has decided to offer $ 30 in Bitcoin to any citizen when they download their Bitcoin wallet. The country has also created its own national wallet called “Chivo”. This wallet is compatible with all existing bitcoin wallets.
Did you know that China's bitcoin miners are moving to Texas
China's ban on cryptocurrency mining has forced bitcoin entrepreneurs to flee overseas. Many are heading to Texas, which is quickly becoming the next global cryptocurrency capital. When China announced a crackdown on bitcoin mining and trading in May, Kevin Pan, CEO of Chinese cryptocurrency mining company Poolin, got on a flight the next day to leave the country. “We decided to move out, once [and] for all. [We'll] never come back again,” Mr Pan told the BBC.
Headquartered in Hong Kong, Poolin is the second-largest bitcoin mining network in the world, with most of its operations in mainland China. The country was home to around 70% of global bitcoin mining power until the clampdown sent the price of bitcoin into a tailspin and caught miners off guard.
Now China's “bitcoin refugees” are urgently scrambling to find a new home, whether in neighbouring Kazakhstan, Russia or North America, because, for bitcoin miners, time is literally money. “We had to find a new location for the [bitcoin mining] machines,” Poolin's vice-president Alejandro De La Torres said. “Because every minute that the machine is not on, it's not making money.” In what some call the “Great Mining Migration,” the Poolin executives are among the many bitcoin miners who have recently landed in a place reputed as part of America's wild wild west: Austin, Texas.
Bitcoins are a digital currency with no physical form – they exist and are exchanged only online. They are created when a computer ‘mines' the money by solving a complex set of maths problems and that is how bitcoin ‘miners' who run the computers earn the currency.