A new report from Bloomberg Intelligence projects that the United States could adopt cryptocurrencies by 2022, inspired by recent events in the sector.
The report named Global Cryptocurrencies: 2022 Outlook notes that the United States could enact regulations to govern the sector in order to stay ahead after China’s growing ban on digital currencies.
What’s more, Bloomberg claims that the growth of non-fungible tokens coupled with bullish price projections will potentially push the US to adopt cryptocurrencies.
According to the report:
“Spurred by China’s ban and the proliferation of revolutionary technologies such as crypto dollars and non-fungible tokens (NFTs), we expect the US to adopt cryptocurrencies in 2022, with proper regulation and the related bullish price implications. Stablecoins may be misnamed, as most coins follow the dollar. The unlimited supply of fiat currency should sustain rising prices, especially in Bitcoin and Ethereum, which are in limited supply. “
The report also projects that adoption could follow a potential increase in the value of Bitcoin Y Ethereum due to a continued decline in bond yields of the US Treasury. and low equity returns.
You can read the full report here, in English.
More from the report
Among other statements in the report are:
- “Crypto assets showing divergent strength versus stocks near the end of 2021 may herald continued superior performance of digital assets in 2022.”
- Is Bitcoin waiting for an endgame from the Fed? A main force in reversing the Federal Reserve’s tightening expectations in 2022 is a drop in the stock market, which may be somewhat beneficial for Bitcoin. The benchmark crypto, on its way to becoming a digital store of value, remains in price discovery mode and is a risk asset, and has been rising with the tide of equities. “
- “Bitcoin will face initial headwinds if the stock market falls, but as falling stock prices put pressure on bond yields and incentivize greater central bank liquidity, the cryptocurrency may become the main beneficiary ”.
- “The inability of US Treasuries to stay above 2%, despite the widespread consensus of higher yields, may be a leading indicator of a transition back to a more deflationary environment in 2022 that favors to Bitcoin. The long bond first fell below the 2% threshold in February 2020, indicating the severity of the pandemic. Most of the risk assets continued in March ”.
Bloomberg and the crypto
This year, the agency Bloomberg He has made several forecasts about the crypto ecosystem, as well as analysis of the situation. For example, in October he predicted, shortly before the Securities and Exchange Commission approved its first exchange-traded fund (ETF) that the body would take such action soon. So it was.
Before that, in the July crash the agency said that BTC was more likely to be near $ 60k by year-end than it would be near $ 20k.
Also, in the moments of greatest optimism, in March, the agency believed that Bitcoin it would reach USD $ 400,000 this year, which we already know is practically unlikely.
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