The publication released a report in which it named the conditions and reasons for the possible growth of the cryptocurrency exchange rate to a historical maximum

This year, the price of bitcoin will reach a historical high of $20,000, according to the latest Bloomberg report. This will happen if the exchange rate of the coin repeats the movement of 2016, when the second halving took place in its network.

"In 2014, the bitcoin exchange rate fell by 60%, but in 2016 it returned to the maximum of 2013. In 2018, the price of bitcoin fell by 7%. This year, it will rise to $20,000 if it continues the trend of 2016, " Bloomberg suggested.

Analysts added that the crisis caused by the COVID-19 coronavirus infection helped bitcoin Mature as an asset. This happened against the background of a fall in the stock market. Also, the new disease has accelerated the transition from cash to its digital counterpart, as evidenced by the increased capitalization of the stablecoin Tether.

The publication noted the growing interest of large investors in a new type of asset, for example, the Grayscale Fund bought 25% of all the bitcoins mined this year. One of the reasons for the growth in demand for cryptocurrency was the policy of countries to issue money. This encourages investors to search for assets that can perform the function of accumulation. These include gold and bitcoin.

This is not the first time that Bloomberg has expressed open support for bitcoin. The publication's April report stated that the first cryptocurrency is turning from a speculative crypto asset to a digital version of gold. This is due to an increase in interest in BTC futures and a decrease in the volatility of its exchange rate.