Bloomberg Bitcoin Commodity SEO Strategies Says Bitcoin After Winter all other assets will outperform and hit $ 100,000 by 2025.
The top analyst sees Bitcoin at $ 100,000
Bloomberg Commodity SEO Strategies Mike McGlone recently returned to Kitco News. He then analyzed the current market and presented the view that Bitcoin will surpass all other assets in the world and reach the $ 100,000 mark by 2025.
According to McGlone, the big reversal has only just begun. The current market represents the highest inflation in 40 years – the first in many people’s lives. However, he also argues that once this period is over, Bitcoin skyrocket and become the best asset in the world.
According to McGlone, Bitcoin and the S&P 500 returned to their 100-week moving average in late May for the first time in two years. The Nasdaq broke one of its significant supports.
Bitcoin, on the other hand, broke its $ 30,000 support. McGlone argues: The question is who will win first – and when, since they are all connected.
“Right now I expect bitcoin to trade lower – I don’t know how much. […] It could go as low as 20,000, I doubt that. But whatever happens, I estimate $ 100,000 in two years’ time. “
What is driving BTC to $ 100k?
To explain the reasons for his conclusion, McGlone cites the adoption rate of all cryptocurrencies – especially Bitcoin.
It emphasizes the point of adaptation with the following statistics:
“As measured by the total market limit on all stocks on the planet […] cryptocurrencies account for about 1% of that. A few years ago it was 0.01%. A few years earlier it was even smaller. ”
It describes Bitcoin as the world’s digital gold that is becoming digital at an ever faster rate. While Bitcoin acceptance is increasing significantly, its supply is declining due to its code. Therefore, McGlone concludes that Bitcoin prices may only skyrocket in the coming years.
He also briefly mentions Ethereum as a platform which is revolutionizing the fintech industry and which has a very high adoption rate. He argues that Bitcoin and Ethereum will outperform all other assets as soon as the market is over and the right supports are obtained. The reason: the demand for it is much higher than the others.
“I think the first thing that will happen is that we pass that current stage […] Then I expect Bitcoin to be the first asset to take off again. ”
McGlone also analyzed the recent change of attitude towards Bitcoin. It was questioned why bitcoin became a risk asset while being carried as a safe inflation hedge for so long.
According to McGlone, this volatility is only a stage of maturity of technology and an emerging asset. It says:
“The 260-day volatility of Bitcoin is almost the same as the volatility of Tesla, the same as Amazon in 2009, and the same as gold in 1980.”
He concludes his remarks by saying that Bitcoin has reached the end of the transition phase it will be a risk-free asset. One that is safe to use as an inflation hedge.
Text credit: Cryptoslate
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