Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, wrote on Twitter that the decrease of bitcoin's (EXANTE:Bitcoin) volatility demonstrates maturation of the cryptocurrency "toward a digital version of gold."
The well-known Bloomberg's analyst also says the disdain from the crypto bulls is rather good signal for crypto as this will keep the price upward for the consolidating crypto.
"The more disdain from bulls should be for the better, keeping the price tilted upward for the consolidating crypto," McGlone pointed out.
In May, McGlone said that the price of the largest crypto by market cap could jump up to $20,000 by the end of this year.
According to the "Bloomberg Crypto Outlook" report, bitcoin has all chances to exceed the December 2017 high because both technical and fundamental factors are "increasingly favorable" for the cryptocurrency.
These factors include bitcoin's maturity against other investment options, increased open interest in futures and increased interest from institutional investors.
This is not the first time when Bloomberg admits bitcoin's possibility to establish itself as a digital version of gold. In April, the "Bitcoin Maturation Leap" report said that the year of 2020 "marks a key test for Bitcoin's transition toward a quasi-currency like gold."
At press time, BTC is trading at $9159 (-0.45%).
Chart of the USD/BTC trading pair from EXANTE
iHodl earlier reported that popular crypto investment company Grayscale Investments is investing in Bitcoin at a dizzying rate.
In fact, the company has been buying last week three times more BTCs miners have mined.
The company says it bought 19,879 Bitcoins (approximately $184 million) during the last week for its Bitcoin Trust, bringing the total number of bitcoins it owns to around 400,000.
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