Bloomberg says Bitcoin faces macro headwinds as cash-flow appeal weakens

Bloomberg Intelligence said in a recent report that Bitcoin’s investment appeal has weakened sharply as it generates no cash flow. Among numerous cryptocurrencies worth billions of dollars yet lacking traceable intrinsic value, Bitcoin is in a position akin to a melting ice cube, Bloomberg said. The report said Bitcoin, which produces neither interest nor dividend income even when held and remains highly volatile, is facing major macro headwinds. It identified as the biggest headwinds the yield on 30-year U.S. Treasuries, which has reached its highest year-end level in 25 years, and the ratio of U.S. stock market capitalization to government debt. Bloomberg assessed that Bitcoin, as a risky asset with no cash flow, has become less attractive between risk-free high-yield Treasuries and a stock market drawing massive capital, leaving it at a disadvantage against both.