Crypto signal and news:
BTC And ETH are 'melting' gold's demand with investors:
"One main factor driving demand for cryptocurrencies is the reduction in supply that's been seen in recent months, according to Lee. He notes that the rate of bitcoin units added has been more than halved over the past year, to 4.4% from 9.3%. With mining slowing down, bitcoin won't reach its theoretical maximum number of units until 2045 or later.
Meanwhile, Lee finds that gold production has risen "sharply" since 2009, and now sits at 3,100 metric tons, the highest on record.
"Cryptocurrencies are cannibalizing demand for gold," he wrote in a client note on Friday. "Bitcoin is arguably becoming a scarcer store of value. Investors need to identify strategies to leverage this potential rise in cryptocurrencies."
So with all of that considered, how high can bitcoin go?
Fundstrat's base case calls for the cryptocurrency to expand eight-fold to roughly $20,000 per unit by 2022. But in the most bullish scenario, bitcoin could reach as high as $55,000 over the same period."
Read next