Mercuri Capital

Bloomberg, the Manhattan-based titan of media and financial services, published a report this month claiming that bitcoin’s price will spike sharply by the end of the year. The company has been publishing a monthly edition of a Crypto Outlook report for some time now, covering a series of developments in the wider world of cryptocurrency that might be of interest to the financial sector. Specifically, the report made the bombastic claim that bitcoin will reach a price of $400,000 by the end of Q4 2021, basing this claim on several data points. #mercuricapital

Financial giant Goldman Sachs has acknowledged Bitcoin as a new asset class in comments made alongside a recent research report. The report includes comments from Goldman Sachs members, including GS Global Head of Digital Assets Matthew McDermott. McDermott states that Bitcoin is now considered an investable asset. He added that Bitcoin has its own idiosyncratic risk due to its novelty and due to the fact that its price activity doesn’t behave as expected when it is compared to other assets. McDermott continued by noting that Bitcoin has tended to be more aligned with risk-on assets. He also says that clients and [others] are largely treating [Bitcoin] as a new asset class. #mercuricapital

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A British Member of Parliament is more bullish on Ethereum than Bitcoin and has called on the government to let people experiment with crypto. Tom Tugendhat, MP for Tonbridge and Malling, devoted precious time in a speech of Affordable and Safe Housing For Fall on Wednesday to share his prediction that Ethereum will flip the market capitalization of Bitcoin. Bitcoin, the world’s largest cryptocurrency, has a market cap of $758 billion. Ethereum, the second-largest, has a market cap of $310 billion. #mercuricapital

India’s Government Will Reportedly Regulate Crypto Instead Of A Ban. India’s government sets up a new regulatory panel to reconsider its stance on cryptocurrency trading in India, according to three sources who had inside information about the discussion. This new panel may be used to check and find out ways to regulate crypto assets and handle them differently form fiat. The panel could also work closely with the Reserve Bank of India on any proposed digital Rupee project. #mercuricapital