Perché Bitcoin potrebbe favorire il dominio dell'USD sullo Yuan digitale

Contrary to what many in the crypto space are discussing, Senior Commodity Strategist for Bloomberg, Mike McGlone, has made the case for Bitcoin being beneficial for the U.S. dollar over China’s digital Yuan.

Secondo McGlone, the cryptocurrency is “eclipsing” Yuan’s global adoption. In particolare, gli Stati Uniti. dollar is showing “organic adoption” in the digital ecosystem, as shown by the following chart. Mcglone claims:

Bitcoin May Enhance Dollar Dominance, Highlight China Drawbacks – Despite concerns about China’s development of a digital yuan, Bitcoin is enhancing the dollar’s dominance and is a risk to gold. Bitcoin may be accentuating the drawbacks of a lack of free markets & discourse.

Institutions not adopting Bitcoin could be at risk

For Gold holders, the benchmark cryptocurrency has also become a nuisance. The precious metal is underperforming and retracing to levels of support under $1,700, as McGlone claims. Ha aggiunto:

most indicators show a shifting global tide that favors the nascent digital currency as a reserve asset.

The expert claims Bitcoin has “entered a unique state” in terms of adoption. Perciò, he claims those company managers and executives unwilling to allocate capital to BTC could be at risk of missing out on more appreciation.

A questo proposito, McGlone estimates BTC’s price to be on a similar path that in 2013 when it registered 55x gains and in 2017 when it reached the historical $20,000 marchio. This would put Bitcoin near $400,000 quest'anno. Ha aggiunto:

The technical outlook for Bitcoin in 2021 remains strongly upward, if past patterns repeat. Common companions for strong annual rallies in the first-born crypto — low volatility and halvings — are aligned favorable.

Al momento della scrittura, Bitcoin is reclaiming the higher levels of the $50,000 and seems to be pushing harder towards its resistance zone. The cryptocurrency trades at $58,451 con 1.2% gains in the daily chart.

Bitcoin BTCUSD
BTC showing signs of recovery in the 24-hour chart. fonte: BTCUSD Tradingview

The Strategist points to the low amount of BTC on exchange platforms as possible evidence of further appreciation. When the metric reserves, the market could be “dominated” by the sellers and BTC’s price might have the same fate as in 2017.

Il 2015-17 bull run peaked around the time more Bitcoins were moved back on exchanges than the previous high from 2016. Our takeaway from this metric is that buyers are taking Bitcoins off exchanges and moving into longer-term storage, some earning interest.

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fonte: Newsbtc

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