Alternative Investments/Digital: New, Bullish Outlooks For Bitcoin
One fundamental. One technical.
Speaking on a Bloomberg interview, Soros Management Fund Chief Investment Officer (CIO) Dawn Fitzpatrick took a bullish stance on bitcoin (BTC) and infrastructure surrounding cryptocurrencies such as exchanges, custody agents, even tax reporting.
She revealed that the fund had invested in the latter. Regarding BTC, she said it was positioned at an inflection point.
“When it comes to crypto in general, I think we are at an important moment in time,” Fitzpatrick said. “Something like bitcoin could have remained a static asset, but the fact that in the last 12 months we have increased the money supply by 25%, there is a real fear of currency devaluation.”
In a plug for the “buy-bitcoin-sell-gold” trade, Fitzpatrick said bitcoin shaped up more like a commodity because it was a physical asset that was portable, easy to transfer, easy to store, and halved every four years. The leading cryptocurrency was therefore attracting investors and displacing gold.
Effectively, she implied that BTC was a better asset compared to both the US dollar and the yellow metal.
McGlone bullish on bitcoin
On the other hand, Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, said in a tweet today: “Well on its way to becoming a global digital reserve asset, a maturation leap in 2021 may be transitioning bitcoin toward a risk-off asset, in our view.”
In a chart that juxtaposed the BTC price with the Bitcoin Liquid Index, McGlone seemingly extrapolated the 2013 and 2017 peaks in the latter to another one in 2021 – a “hold-your-breath” target of about $400K:
Related Story: Visa Signals Potential ‘Mainstream’ Adoption of BTC
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