Sun. Jul 3rd, 2022
Bloomberg analyst predicts meteoric rise for Bitcoin

For Mike McGlone, Senior Commodities Strategist at Bloomberg Intelligence, Bitcoin will be one of the best assets to have in the portfolio, reaching $100,000. However, before that the world needs to go through this moment of instability. In his interview with Kitco News, McGlone compared the current state of the global economy to other major crises. However, he was positive about the future, betting on a major reversal.
“The big reversal is just beginning. It could be like 1929, or like 2008, maybe like after the crash of 1987. The biggest inflation in 40 years is just getting started.” commented Mike McGlone of Bloomberg. “Once we get through this period, I think Bitcoin will be remarkable for being one of the best assets on the planet to have. [na carteira].”
Still on the cryptocurrency market, the Bloomberg analyst commented that we went through speculative excesses. However, he noted that the crypto winter could be great for the market.

“The pendulum has swung, last year we were talking about Dogecoin (DOGE) and Shiba Inu (SHIB), the market was over-speculative, now we go the other way.”

Bitcoin and Ethereum: McGlone’s Two Big Bets

For McGlone, Bitcoin and Ethereum are the two biggest bets. According to the Bloomberg analyst, Bitcoin is basically a digital version of gold. Ethereum, on the other hand, is revolutionizing the market by tokenizing several assets, and although it has competition, it will be difficult for another currency to steal its place.

“Bitcoin and Ethereum should come out ahead and this is not unholy because they have outperformed for so long. I think these two have a much better supply and demand.”

Regarding Bitcoin, McGlone extended his answer, pointing out that this is the best asset ever seen in all of history. Furthermore, he pointed out that the volatility of the same has been falling year after year, which shows that Bitcoin is maturing.

“[O Bitcoin] it is a revolution in the ability to store, transact and transmit value. I have never seen an asset in human history that is more fluid, tradable with 24/7 price discovery.”

Bitcoin at $100,000 is just a matter of time

Regarding the price of Bitcoin, Mike McGlone points out that the current $30,000 region is a good price support and while it could hit $20,000, he doubts that will happen.

“What I feel is that [o Bitcoin] is looking for good support and I hope that at some point he finds it, it could reach 20 [mil dólares]I doubt it will, but I hope that in the next few years it will rise again and reach 100,000 dollars, it’s just a matter of time.”

According to the Bloomberg analyst, this will happen both because of the reduction in Bitcoin’s money supply and because of the increase in demand and adoption, which has been happening since the beginning of the creation of BTC. Finally, there is no doubt that Bitcoin is the most complete and complex asset on the market. So it really only seems a matter of time before more people understand this and put it in their portfolios. McGlone’s full interview with Kitco News can be seen below.