Bloomberg said all the current signs indicate that Bitcoin will have a big bull market in 2020, and the only question is whether it will break the historical high of $20,000.

The latest report from Bloomberg shows that the company expects Bitcoin (BTC) to retry its historical highs since 2017, and may even break new highs to reach $28,000.

New Crown Outbreak & Institutional Investors Help Bitcoin

The report shows that Bitcoin, as an asset, has accelerated its maturity under the influence of the New Crown epidemic and has shown his strength in the face of a sluggish stock market. The report believes that institutional investors, especially Grayscale, especially the increasing demand for Grayscale Bitcoin trusts, consume about 25% of the new supply:

“So far this year, the continuous increase in assets under management has consumed about 25% of the new production of Bitcoin, and this figure was less than 10% in 2019. Our chart shows the average 30-day average of assets managed by Grayscale Bitcoin Trust The price is rising rapidly, close to the equivalent of 340,000 bitcoins, which is about 2% of the total supply. About two years ago, this figure was only 1%.”