Ryze Recap 6/5: Bloomberg Bullish on Bitcoin, Pro-Bitcoin Andrew Yang Aide Running for Congress
The biggest Bitcoin news in 2 minutes or less. Presented by Ryze 🚀
After a week that seemed like a month, it’s finally Friday. We’ve got two great stories for you today.
Bloomberg is Bullish on Bitcoin
In its June 2020 Crypto Outlook, Bloomberg Intelligence is more bullish on Bitcoin than ever before. Senior Commodity Strategist Mike McGlone wrote, “something needs to go really wrong for Bitcoin not to appreciate.”
“Bitcoin will approach the record high of about $20,000…if it follows 2016’s trend.”
“ Increasingly becoming a digital version of gold, [Bitcoin] may consolidate its 2017 gains for an extended period.”
“Exchange-traded instruments, led by GBTC, are absorbing a significant portion of supply, indicating dip buyers and higher prices.”
“The rapidly increasing market capitalization of stable coins indicates currencies are going digital and supports the Bitcoin price.”
Why it matters:
The bulk of the report likened Bitcoin to gold, giving merit to the digital gold narrative circulated by Bitcoin enthusiasts. Bloomberg discussed “unprecedented central bank easing” (or money printing), and expressed a positive outlook on both gold and Bitcoin. While government-issued currencies are inflationary, Bitcoin is a deflationary currency. Here’s a deep dive into why unlimited money-printing is bullish for Bitcoin.
Bitcoin, though still a nascent market, is maturing fast as it gains traction among institutional investors— which are also the main audience for Bloomberg Intelligence reports. Bloomberg references an increase in futures trading and record inflows into Grayscale’s GBTC Bitcoin Investment Trust as evidence for increased institutional interest. More on Wall Street and Bitcoin from 6/1.
Pro-Bitcoin Former Andrew Yang Aide is Running for Congress
Jonathan Herzog, a legal advocate from New York, is running for Congress in the 10th District of NY, on a platform of financial inclusion. Before launching his own campaign, Herzog worked on Andrew Yang’s presidential campaign, where he was the 6th hire. Herzog believes “there’s acute urgency to ensure that Bitcoin and cryptocurrency have mass adoption and have a regulatory framework that enables their innovation.”
Why it matters:
One of the campaign’s main talking points is financial inclusion, with a story of how Herzog was denied bank accounts at major banks. He views crypto-assets through the lens of civil rights, contending that access to an open financial system is a right that all Americans should have.
Herzog believes that Bitcoin— uncensorable, digitally native money, is the first step towards this system. He advocates for the federal government to follow Wyoming’s lead and establish clear, comprehensive crypto-asset regulation.
That’s all for today! Have a great weekend, and we’ll be back Monday with another Ryze Recap.
Written by Ryze Financial— helping you understand and invest in Bitcoin, on your own terms.