Bloomberg Analysts Optimistic About Bitcoin and Ethereum Price Surge

Bloomberg Analysts Optimistic About Bitcoin and Ethereum Price Surge

Bloomberg Analysts Optimistic About Bitcoin and Ethereum Price Surge

  • ETH’s discounted cash flow model estimates a value of $6,100, a 70 percent increase.
  • MicroStrategy continues to add bitcoin to its balance sheet rapidly.

Despite the Federal Reserve cutting off the money faucets and raising interest rates, Bitcoin and Ethereum are outpacing most other assets. According to Bloomberg Intelligence, the Russian invasion of Ukraine constitutes “another milestone for the merits of cryptos,” according to Bloomberg Intelligence.  Additionally, the research cites that Bitcoin has climbed by 20% since Russia’s invasion, which is more than twice the gains of crude oil. According to Coutts and McGlone, the gold price has fallen significantly since the war.

ETH May Be Undervalued

This time around, Bloomberg Intelligence reaffirmed its view that a $100,000 price tag for Bitcoin is inevitable “unless demand and adoption trends reverse.” In Miami this week, tens of thousands of people are scheduled to attend the Bitcoin 2022 conference, and substantial adoption announcements from large corporations are expected. Moreover, in the wake of the long-awaited merger of the network’s Proof-of-Work and Proof-of-Stake blockchains, analysts Mike McGlone and Jamie Douglas Coutts suggest that ETH may be undervalued.

According to Bloomberg Intelligence, ETH’s discounted cash flow model estimates a value of $6,100, a 70 percent increase over its current price. In addition, MicroStrategy continues to add bitcoin to its balance sheet rapidly. In a tweet by CEO Michael Saylor, it was revealed that his IT services firm had purchased a further 4,167 bitcoins (BTC).

The acquisition was anticipated after MicroStrategy said it had borrowed $205 million to acquire additional bitcoin. Along with Saylor’s tweet, the corporation was obliged by the Securities and Exchange Commission (SEC) to submit a Form 8-K with the SEC.

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