Bloomberg Admits Crypto FOMO Rising Again As Bitcoin Reaches $51,700

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The age of smartphones brought with it compulsive behavior never seen before in the history of man. As the device enables people to remain in contact with their social and professional network on a continuous basis, they will continuously check for status updates and messages of their friends, co-workers and any celebrity they adore. The generation of people that grew up with smartphones does so out of fear of missing an opportunity, or FOMO (Fear of Missing Out).

After Bitcoin and Ethereum fell by some 50% in the month of May this year, many on social media called Bitcoin a loser investment for the year, as they failed to take a long term view. In fact, even at that point the world’s biggest cryptocurrency was still up for the year. After the dust of the Chinese crypto crackdown settled, Bitcoin (and Ether) found support in June and July and started steadily climbing again in the month of august.

Bulls are in control

By now, with Bitcoin trading at $51,700 and Ethereum nearing $4,000 this morning, even Bloomberg analyst Mike McGlone has had to adapt his earlier price revisions of the year.

In the September edition of the Bloomberg crypto outlook, he predicted that:

Ethereum on course toward $5,000 and $100,000 for Bitcoin. Portfolios of some combination of gold and bonds appear increasingly naked without some Bitcoin and Ethereum joining the mix. A macro risk-off decline is a primary threat for the crypto bull market.

What was even more exciting for the crypto industry to hear is that McGlone now considers Bitcoin to be a real reserve asset that can live alongside the US dollar, still the world’s leading currency.

In the report, he wrote:

We foresee a future of Bitcoin, the digital reserve asset, complementing the dollar reserve currency.

Don’t be surprised if in the next few days you see Wall Street catching a case of FOMO when it comes to Bitcoin then.

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