https://ift.tt/w2upKx97k Bitcoin Adoption And Price – Here’s What You Need To Know | CryptoGazette

Mainstream Bitcoin adoption could not be a factor that boosts BTC’s price according to the latest reports. As you probably know by now, the crypto market has been seeing massive corrections during the past weeks.

Now, it seems that there are brighter days coming our way according to the latest predictions. Check out the news below.

Analysts at global banking giant Goldman Sachs reportedly say that mass adoption of Bitcoin and cryptos may not be as bullish as most investors believe.

BTC adoption

The strategists made sure to highlight to Bloomberg that as the adoption of Bitcoin and other digital assets increases, their price starts to correlate more and more with other macro assets such as crude oil, technology stocks, and the US dollar.

A correlation with traditional markets could ultimately make crypto assets unsuitable for diversification, according to the analysts.

“Mainstream adoption can be a double-edged sword. While it can raise valuations, it will also likely raise correlations with other financial market variables, reducing the diversification benefit of holding the asset class.”

Goldman explained the fact that even as blockchain technology improves, digital assets still might not be able to escape from the macroeconomic influence and monetary policy.

“Over time, further development of blockchain technology, including applications in the metaverse, may provide a secular tailwind to valuations for certain digital assets.”

The notes continued and revealed:

“But these assets will not be immune to macroeconomic forces, including central bank monetary tightening.”

The mass adoption of digital assets has been one of the most important achievements that the crypto industry has set out to achieve. There are all kinds of important moves taking place in order to get things done.

Regarding Bitcoin’s path, the online publication the Daily Hodl notes that crypto analyst Justin Bennett is mapping out a potential scenario where Bitcoin (BTC) gathers bullish momentum and surges toward the $50,000 level.