According to the report, the stock market's volatility triggered by the coronavirus pandemic outrage affected the price of bitcoin and the whole crypto market.
"This year marks a key test for Bitcoin's transition toward a quasi-currency like gold, and we expect it to pass," Bloomberg said in the report.
Even though bitcoin lost approximately 28% in March, it lost only 6% on an annualized basis.
The agency says the increase of open interest in futures, declining volatility and relative out performance despite the stock-market shakeout indicates bitcoin "is maturing from a speculative crypto asset toward a digital version of gold."
On a one-year basis, BTC is up about 40% vs. a 15% decline for the S&P 500.
Previously iHodl reported that a bitcoin payment facilitator Purse.io announced its decision to shut down after 6 years of operation.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.