Bitcoin News Today – Headlines for October 7

  • Bloomberg Intelligence gives a bullish Bitcoin price prediction
  • The firm believes Bitcoin add another zero and trade at $100k in 2025
  • Bitcoin is becoming more like gold – Mike McGlone

Bitcoin News Today – Bloomberg Intelligence recently pointed out that the price trajectory for Bitcoin is up. According to Bloomberg Intelligence, Bitcoin would add another zero to its price tag and it would trade at $100,000 in 2025. Over the past ten years, the growth cycle of Bitcoin has been pretty impressive. The digital currency has surged from around $10 in 2011 to $1k in 2013 and to almost $20k in 2017.

Bitcoin to Trade at $100,000 by 2025, Bloomberg Intelligence

Bloomberg does not see the digital currency growing rapidly going forward, but that does not take out a bullish Bitcoin price prediction of $100k by 2025. At press time, the world’s most dominant digital currency is changing hands around $10,600 after a decrease of about two percent over the past day.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$59,826.00
-0.07%

Mike McGlone – the senior commodity strategist at Bloomberg Intelligence said:

“Bitcoin could continue doing what it has for most of its nascent existence, appreciating in price on the back of increasing adoption, but at a slower pace as we see it. The first-born crypto had a tendency to add zeros to its price from around $10 in 2011. It took about four years to go from $1,000 to $10,000 in 2017, so doubling that time frame for maturation could get the price toward $100,000 in about five more years.”

While pointing to historical price charts for an explanation, McGlone added that wider adoption is the driver behind this rally. In the October update, he said:

“Bitcoin is unique in that supply cannot be influenced by price, leaving adoption as a primary valuation metric. Since initially reaching $10,000 in 2017, the benchmark crypto corrected about 70% and remains in an extended period of consolidation around that level. When Bitcoin first traded at $1,000 in 2013, it corrected about 80% and consolidated. About four years after initially reaching $1,000, it added a zero … Bitcoin has a history of adding zeros.”

Bitcoin Is Gradually Becoming More Like Gold

McGlone noted that Bitcoin (BTC) is becoming more like gold. This year also points to a fascinating correlation between both assets. He said, BTC, like gold, is in the transition of being a beneficiary of increasing stock market volatility. McGlone said:

Our chart depicts the highest Bitcoin-to-gold 12-month correlation in our database since 2010. The crypto 12-month measure vs. the S&P 500 is elevated, but has been higher.”

Bitcoin and gold have been surging together this year and they are likely to continue doing so as the stock market slows down.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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