Bloomberg Analyst Says Crypto Is At The Beginning Of A Recovery That Will Last “For Many Years” – Here’s Why
Jamie Coutts, an analyst at Bloomberg Intelligence, believes that crypto and blockchain technology are at the beginning of a “structural uptrend.”
Coutts said on the social media platform
Global M2 is a money supply metric that measures people’s cash, checking accounts and other types of deposits that can be easily converted into cash.
The Bloomberg analyst says:
“The liquidity cycle bottomed out in the fourth quarter of 2022, as did smart contract blockchain users. However, the liquidity cycle only affects the rate of change in adoption. Regardless of asset prices, blockchain adoption is steadily increasing year-over-year (year over year).
Blockchain technology is on a structural upward trend that will continue for many years to come, and we are at the beginning of the next cyclical upswing.”
Source: Jamie Coutts/X
Coutts also points out that Bitcoin is already a reserve asset for certain countries.
“Several energy-rich nation-states have invested hundreds of millions in facilities, with expected investments of $1 billion to $2 billion and more than 2,000 megawatts coming online in a few years.” These countries have publicly stated that Bitcoin mining is a strategic energy initiative. If this is true, then they already hold BTC on their balance sheet.
The first rulers have arrived.”
Source: Jamie Coutts/X
At the time of writing, Bitcoin is worth $37,574.
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