Senior Bloomberg analyst Mike McGlone says in a recent interview that gold and cryptocurrencies will come first after the current economic crisis.
Mike McGlone highlights gold and a cryptocurrency
Mike McGlone said in a new interview that Bitcoin will soon climb to $100,000 due to its increasing use cases and limited supply. According to the expert, it is only a matter of time before the leading cryptocurrency does. McGlone says that similar to BTC, gold and treasury bonds will be successful in terms of price. According to the expert, these markets are ready to rally because of their limited supply:
Crushing is the most important thing right now, but the simple realities of supply-demand adoption are the most discounted ever at the 100-week and 200-week moving average and looking forward to the next five or 10 years. Procurement is decreasing by code. Demand and adoption are increasing.
According to McGlone, who later said in his interview that cryptocurrencies are reaching more and more people, Bitcoin is “the fastest horse in the race”. The expert also observes an increase in the use of tokenized money:
I recently returned from a Las Vegas Webex conference. It is clear from what you see that people are aware that this horse is the fastest in the race. Because technology changes so fast, you have to keep up with it. There is certainly a lot of speculation, but one thing this market has accomplished is enabling a new technology where the tokenized dollar is traded the fastest among all cryptos. People are just starting to understand this. US regulators are only realizing this recently.
Bitcoin will eventually replace gold
According to McGlone, dominant crypto will eventually replace gold as the standard world currency. “I am not against gold, but you should have Bitcoin next to gold out there because it is turning into a worldwide digital collateral,” says the Bloomberg analyst. The strategist also offers his opinion on the short-term price of BTC, noting that he expects Bitcoin to reach $20,000 soon:
“I believe Bitcoin has a base around $19,000 to $20,000 as it was around $5,000 in 2018-19. We are currently at $19,020 even though it has dropped to $3,000. This is what Bitcoin has accomplished.”
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