Bitcoin on Track for $100,000, Says Bloomberg Intelligence Analyst Mike McGlone
Mike McGlone, a senior commodity strategist for Bloomberg Intelligence, remains relentlessly bullish on Bitcoin.
In his cryptocurrency outlook for October—McGlone has shared the main highlights in a recent tweet—the analyst claims that the leading cryptocurrency is on pace to touch $100,000 in 2025.
Bitcoin's maturation into digital gold
Channeling venture capitalist Tim Draper, McGlone expects increasing adoption to be the main catalyst for appreciation.
Its ascent to the six-digit reality would be a slow grind rather than the overnight moonshot that the community expects.
In the September outlook, McGlone made a wild prediction that Bitcoin's limited supply of 21 mln coins and growing demand could eventually push "digital gold" to $500,000 without specifying an exact timeframe.
The benchmark crypto has won the adoption race among myriad copycats and is maturing into a digital version of gold.
At this point, the cryptocurrency that started it all would supersede the current market cap of actual gold that currently stands at around $8 tln.
Bitcoin reached its peak market cap of roughly $326 bln on Dec. 17, 2017, before dwarfing to just $60 bln in December 2018 during the brutal crypto winter.
Alex DovbnyaNot that bullish on Ethereum
Bitcoin was the best-performing asset of the previous decade, but investors should be wary of the fact that past returns are not necessarily indicative of Bitcoin's future performance.
The rival Ethereum community, for example, routinely slams Bitcoin as the "boomer coin" and the AOL of crypto that will fail the test of the 2020s and cede its ground to other coins.
Drawing parallels with the dot-com bubble of the late 1990s, McGlone claims that Bitcoin will come out on top while predicting that the Tether stablecoin is going to pass Ethereum's market cap in 2021.
It should take something significant to stall the increasing adoption of Tether, the top stable coin, which is on pace to match the capitalization of Ethereum in a bit less than a year, based on the regression trend since the start of 2019.
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