- Bitcoin (BTC) is currently greatly undervalued – Bloomberg
- Bitcoin could be priced at $15,000
- The CEO of MicroStrategy said he could liquidate $200 million in BTC
Bitcoin News Today – According to a recent digital currency newsletter from Bloomberg, a major on-chain indicator suggests that BTC is presently undervalued. The firm seems to believe that the digital currency is destined to surge higher unless these key indicators reverse themselves.
Bloomberg Says Bitcoin Is Undervalued, Believes It Should Be Worth $15k
Mike McGlone – a crypto analyst at Bloomberg – believes that the recent ATM of the hashrate of Bitcoin, as well as the 30-day average of active BTC addresses, suggests the price of the digital currency could surge to $15k.
In a post, the analyst said:
“The Bitcoin hash rate continues to increase and recently reached new highs. Also advancing are addresses used. A top metric for adoption, the 30-day average of Bitcoin addresses is equivalent to the price closer to $15,000 when measured on an autoscale basis since 2017.”
Bitcoin (BTC) Price Today – BTC / USD
McGlone has been optimistic about the world’s most dominant digital currency all through its ups and downs. The analyst said that the digital currency seems to be a leader in the “paradigm shift towards digital money and store of value.” McGlone believes the digital currency can still fail, but that is not likely to happen. He said:
“Our graphic depicts primary on-chain metrics that would need to reverse for Bitcoin to not keep appreciating in price — the hash rate and active addresses.”
Regardless of the recent poor price action of Bitcoin, the on-chain fundamentals of the digital currency have been strong. However, it is difficult to know when and if these indicators would result in a significant price surge. In other news, the CEO of MicroStrategy could liquidate $200 million in Bitcoin.
MicroStrategy CEO Could Liquidate $200 Million in BTC
Michael Saylor – the CEO of MicroStrategy – said that all $400M of business intelligence company MicroStrategy’s BTC reserve holdings could liquidate at any time. In an interview with Saylor on September 22, the CEO said that although “volatility is not really a reason to sell.” He said that he would not hesitate to sell the 38,250 BTC of MicroStrategy at a moment’s notice if the yields of an alternative asset were to surge higher. The CEO said:
“We can liquidate it any day of the week, any hour of the day,” Saylor said. “If I needed to liquidate $200 million of Bitcoin, I believe I could do it on a Saturday.”
The firm adopted Bitcoin (BTC) as its primary reserve asset. It announced the purchase of 21,454 Bitcoin for $250 million on August 11. After the initial purchase, the firm bought another 16,796 BTC for $175 million, bringing the total holdings to about $401.5 million.