The market guru says that Bitcoin will reach $100k after the current global macroeconomic winter
Bloomberg Intelligence Senior Commodity Strategist Mike McGlone has claimed that Bitcoin (BTC) will trade at $100,000 by 2025 when the current macroeconomic environment characterized by high inflation ends.
During an interview with Kitco News on September 17, McGlone noted that Bitcoin’s trigger for the rally would be tied to growing adoption and demand.
“Bitcoin to me, it’s a matter of time before it gets to $100,000. The central fact is that adoption and demand is increasing unless you expect it to reverse, which I don’t think. It will continue to appreciate; it’s just a matter of time right now,” McGlone said.
Cryptocurrencies will appear in the future
He noted that Bitcoin and cryptocurrencies in general are likely to come out on top among all asset classes in the current environment. According to McGlone, cryptocurrencies have an added advantage because they have the fastest growing technology.
At the same time, McGlone compared the current state of the market to the 2000 dot-com bubble, where select assets popped while others crumbled. However, he pointed out that Federal Reserve policy is likely to play a key role in ending the current conditions.
“The key is that crypto is the fastest horse in the race. They have the rapidly advancing technology advantage and looking forward to the future they will continue to appreciate. It’s like 2000 everything goes down and actually even worse than 2000 because the bond market was actually doing well then, he added.
Bitcoin caught up in the global winter
Furthermore, the strategist noted that Bitcoin and the overall crypto market have been caught up in a global winter, with digital assets being a minor part. His stance runs counter to the broader market sentiment that Bitcoin is in a crypto winter. Bitcoin in particular has been hit in 2022, with its price struggling to trade above $20,000.
“It’s not a crypto winter, it’s a macroeconomic global winter. <...> I think cryptos are only a small part of it, but that’s why I think the macro is overwhelming,” he added.
In addition, McGlone commented on the chances of Ethereum (ETH) overturning Bitcoin in the near future, especially after the Merge upgrade. Interestingly, the strategist noted that Ethereum may eventually overtake Bitcoin, but not in the current environment.
According to McGlone, Bitcoin is likely to become the new digital gold, but it will take time as the flagship cryptocurrency’s risk asset status will take time to shake off.
Watch the full interview below:
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
