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$100,000 Bitcoin Believer Mike McGlone Bets on Bitcoin and Ethereum in the Future

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Mon, 07/12/2021 - 12:51
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Yuri Molchan
Bloomberg's Mike McGlone, who specializes in commodities, believes Bitcoin and Ethereum are building the future, pushing out gold
$100,000 Bitcoin Believer Mike McGlone Bets on Bitcoin and Ethereum in the Future
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Chief commodity strategist of the Bloomberg behemoth, Mike McGlone, who has previously stated several times that he expects Bitcoin to hit $100,000, has taken to Twitter to explain how Bitcoin and Ethereum are building the future of the world in the sphere of assets and fintech.

McGlone's take on Bitcoin

Bloomberg's chief expert on commodities, McGlone, has shared a chart that shows data on Bitcoin versus the growing global supply of USD.

He has called it the "Currency race to debase vs. Bitcoin supply." The curve of the rapidly increasing Central Bank balance sheet as a percentage of GDP is growing at the speed of light, while the Bitcoin supply annual percentage change curve is dropping southward.

Bitcoin's liquidity index is moving sideways after a high reached recently.

The other chart suggests an assumption that Bitcoin is currently hitting lows last seen back in 2018 during Crypto Winter and in 2020 on Black Thursday, March 13, when the flagship digital currency plunged by over 50 percent in one day after the breakout of the pandemic. At that time, Bitcoin briefly dropped below the $4,000 level.

As for his bullish bet on Bitcoin, as covered by U.Today earlier, McGlone reckons that in the second half of 2021, the king crypto is poised to resume its bullish trend and move toward the $100,000 mark.

Crude oil is poised to start moving to $50 per barrel in the same period, he tweeted, from its current price hanging in the $70 zone.

Related
Bitcoin Poised to Resume Moving to $100,000 in Second Half 2021: Bloomberg’s Mike McGlone

"Ethereum is building the fintech infrastructure"

Mike McGlone also tweeted that "Ethereum is building the fintech infrastructure." In late May, he tweeted similar things about the second-largest blockchain and its native coin, writing that "Ethereum is to fintech what Bitcoin is to gold."

He even assumed that Ethereum may soon surpass Bitcoin by market cap value since ETH leads the way in helping the world to switch to digital technologies—DeFi, smart contracts, etc.

Thus far, ETH's market cap is around $250 billion (as per CoinMarketCap), and Bitcoin's is $634 billion. Therefore Ethereum's cap is less than 50 percent smaller than Bitcoin's.

At the moment, Ethereum's market cap holds the 43th spot, and Bitcoin is 12th place among other global companies and assets. According to this list, Ethereum is now bigger than Netflix, Coca Cola, Pepsico, Intel and Pfizer.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.