Bitcoin On Track to $100,000 If It Follows ETH, Bloomberg’s Chief Strategist Explains Why

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Tue, 06/08/2021 - 12:54
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Mike McGlone, chief commodity strategist at Bloomberg, has taken to Twitter to confirm for the community that Bitcoin is no longer a speculative cryptocurrency but has turned into a valid reserve asset.

It may reach $100,000 if it follows the second-largest cryptocurrency, McGlone explains.

The crucial weekend for Bitcoin

Mike McGlone mentioned the Bitcoin 2021 conference in Miami that took place over the weekend as a crucial event for Bitcoin and its community.

He called the event "Woodstock-like," referring to the major music festival that took place on August 15-18, 1969, and attracted more than 400,000 visitors. It was a key event for rock-n-roll and the hippie culture in the Western world.

The event, the expert has tweeted, has backed Bitcoin's mainstream adoption. It has also validated Bloomberg's view that BTC is now a global reserve asset, not a speculative one.

Image via Twitter

"Ethereum can help Bitcoin reach $100,000"

Charts shared by McGlone show the factors that can help the flagship digital currency reach the mind-blowing price of $100,000 in the near future.

The first is a classic: the shrinking Bitcoin supply versus the growing supply of fiat currencies and USD. In late December, the U.S. Congress approved a $900 billion stimulus package.

In early March, a $9 trillion package to stimulate the economy was passed as well.

The factor mentioned on the second chart is that Bitcoin can reach $100,000 if it follows the growth pattern of Ethereum.

Image via Twitter

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Ethereum's market cap now totals half of Bitcoin's

Over the past 12 months, Bitcoin has soared 4x, while the second-biggest crypto has surged over 1,000 percent. Ethereum's market cap now is $291,283,646,840. That is approximately half of Bitcoin's market cap.

In his recent report, McGlone stated that Ethereum may surpass Bitcoin by market cap due to its stronger use case and foundation.