Mike McGlone, Bloomberg’s Senior Commodity Strategist, was recently a guest on Kitco News. A thorough examination of the present market conditions led him to the conclusion that Bitcoin will beat all other forms of investment and reach a value of $100,000 by the year 2025.
McGlone believes that the big reversal has just begun. The present market exhibits the first big inflation in the lifespan of the majority of people in 40 years. It’s possible that Bitcoin may rise and become the finest asset in the world once this era is finished, though.
Both Bitcoin and the S&P 500 have returned to their 100-week mean for the first time in two years, according to McGlone. The $30,000 support level for Bitcoin was broken by Nasdaq, causing a significant drop in the stock market. It’s now a matter of who will emerge first and when, according to McGlone.
While he didn’t provide a specific amount, he did say that for the time being, he anticipates Bitcoin’s price will fall, maybe as low as $20,000, but he doubts it would. It doesn’t matter what happens, he expects it to reach $100,000 in two years.
McGlone cited the adoption rate of all crypto assets, particularly Bitcoin, to illustrate the reasons for his claim.
He provided the following data to drive home the importance of adoption:
According to the overall market value of all stocks on the earth, crypto represents just approximately 1% of that. Only 0.01 percent of the population used to have access to the Internet. Prior to it, there were fewer of them.
In an increasingly digital world, he said, Bitcoin is the equivalent of physical gold. Additionally, as its use grows, so does the available supply owing to the nature of its coding. This means that Bitcoin prices will only continue to rise over the next several years.
As a platform that revolutionizes the financial business and has a very high acceptance rate, he briefly discussed Ethereum. As soon as the bad market ends and the correct supports are established, Bitcoin and Ethereum will outperform all other assets since their desire for adoption is considerably stronger than the others.