Bloomberg Industry Research Report: Bitcoin Price May Soon Approach $100,000

Bitcoin prices could soon approach $100,000 if historical trends continue, according to a new report from Bloomberg Intelligence.

This month’s “Bloomberg Crypto Outlook” reports a bullish trajectory for Bitcoin’s future.

The report states that “Bitcoin is becoming digital gold” and that “free-market capitalism is rising through digital assets, and unless there is a lasting trend reversal, the U.S. dollar and Bitcoin will be the primary beneficiaries.”

Bitcoin provides banking services to developing countries such as El Salvador and other largely unbanked populations, the report said.

The report points to Bitcoin’s “fundamental bullish foundations,” saying that Bitcoin represents rapidly advancing technology that would put pressure on inflation and support quantitative easing, which would boost stock markets.

The report wrote that the correction of Bitcoin hash rate may be complete. The biggest plunge in Bitcoin hash rate in history may have ended, and if the previous trend continues, Bitcoin price will continue to rise.

Bloomberg Crypto Outlook even weighed in on Bitcoin’s energy debate, stating that “beyond promoting renewable energy and helping govern the electric grid, extracting natural gas is a problem Bitcoin is helping to solve.”

The report also draws a tenuous connection between Bitcoin and the oil market, saying that the end of crude oil’s rally could provide support for Bitcoin prices.

Ethereum was also mentioned in the report, “The second-largest cryptocurrency may be more vulnerable to a stock market correction than Bitcoin as a store of value.”