Mike McGlone is Bloomberg’s Senior Commodity Analyst Intellect. Recently, the strategist analyzed the Ethereum network. He explained how the second largest blockchain by market capitalization is revolutionizing Fintech. He also made predictions regarding the future prices of Ether.
Ethereum would have everything to chain the rally stages!
During a recent interview, Bloomberg Intelligence strategist Mike McGlone praised the Ethereum blockchain. He said that the network is performing very well and demand may increase along with the price of ETH.
Mike McGlone too declared that as the main network of smart contracts, Ethereum will revolutionize financial technology. In this context, he predicted several rises for ether (ETH). He said that blockchain about to be the guarantee on the internet significantly reduce energy consumption.
The Bloomberg Intelligence strategist then explained: “The most important thing about Ethereum is that it makes the most traded cryptocurrencies on the planet which are tokenized versions of the dollar. In fact, the dollar is the most traded cryptocurrency. It trades more than ether and bitcoin combined. And that is because ETH tokens are feasible.“.
Could Ether (ETH) Defeat Bitcoin (BTC)?
Mike McGlone believes that Ether will eventually increase in value compared to BTC, with supply shrinking and demand growing. “Ethereum’s trend of superiority against Bitcoin remains intact. So ETH has good support at $1000 and good resistance around $2000, but what it did this year was groundbreaking.“, explains the strategist.
McGlone recalls that the blockchain has moved to Proof-of-Stake (PoS). He states that this allows him to consume less energy when faced with an energy crisis. He ends by saying:Supply is clearly falling […]and demand and adoption are clearly progressing, so I see it as, unless something changes in those trends, the price has to go up over time“.
According to Bloomberg Intelligence strategist Mike McGlone, ether (ETH) is expected to rally and continue to outperform bitcoin (BTC). McGlone said that ETH “transitions to the mainstream with maturity“.
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Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and share my pen knowledge related to this ecosystem.