Mike McGlone, senior commodity strategist at Bloomberg, said that the Bitcoin price will reach $100,000 after the current global macroeconomic winter.
Mike McGlone predicts this date for $100,000 Bitcoin
Mike McGlone argued that once the current macroeconomic environment characterized by high inflation ends, Bitcoin will trade at $100,000 by 2025. Speaking in an interview with Kitco News on September 17, McGlone noted that it will depend on increased adoption and demand for Bitcoin to trigger the rally:
It’s only a matter of time before Bitcoin reaches $100,000 for me. The basic truth is that if you don’t expect this to reverse, adoption and demand are increasing, which I don’t think so. Will continue to value; it’s just a matter of time right now.
Cryptocurrencies will come to the fore
The market guru also stated that cryptocurrencies will rank higher than other classes in the current environment. According to McGlone, cryptocurrencies provide an added advantage as they have the fastest growing technology. At the same time, McGlone compared the current market situation to the 2000 dot-com bubble. However, he noted that Fed policies are likely to play a key role in ending current conditions:
The important thing is that crypto is the fastest horse in the race. They have the advantage of rapidly evolving technology and look to the future that they will continue to appreciate. It’s like the year 2000, things are getting worse, and in fact even worse than 2000 because the bond market was trading really well back then.
Bitcoin caught global winter
McGlone also stated that Bitcoin and the overall crypto market are caught in a global winter. He said cryptocurrencies make up a small portion of digital assets. The expert’s stance goes against the broader market sentiment that Bitcoin is in a crypto winter. Notably, Bitcoin has been battered in 2022 and the price is struggling to trade above $20,000. According to McGlone, “this is not a crypto winter, but a macroeconomic global winter”. Senior analyst says cryptocurrencies are only a small part of that.
Additionally, McGlone commented on Ethereum’s chances of overtaking Bitcoin in the near future, especially after the merger. Interestingly, the strategist says that Ethereum may eventually overtake Bitcoin. However, this historical event will not happen in the current environment. According to McGlone, Bitcoin will likely be the new digital gold. But it will take time as the flagship cryptocurrency’s status as a risk asset is shaken.
As you follow on Kriptokoin.com, Bitcoin is currently trading above $20,000. It is far from $19,300 for now, where Michael van de Poppe expects further declines should it break.
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