Bloomberg’s lead commodity analyst Mike McGlone doubles down on his forecast for a six-figure Bitcoin (BTC) price tag.
In a new interview with Kitco News, McGlone says Bitcoin adoption and demand appears to be gaining enough steam to push BTC to $100,000 in less than three years.
“Here’s the main thing about Bitcoin. To me, it’s a matter of time before it hits $100,000. The key fact is at code, the supply is going down. You can’t change that. Adoption and demand is increasing. Unless you expect it to reverse— something I don’t – I think it’s going to accelerate. Every sign I see, it’s accelerating. It’s going to keep appreciating. It̵[ads1]7;s just a matter of time.
Right now I think it’s at the point where prices will be very low. We should look back from the future [at this] like a very low price that we see back on the NASDAQ at the bottom in 2002.”
The analyst says he expects Bitcoin to benefit from a new chapter in economics where speculation is driven by more than just how much money the Federal Reserve prints.
“Those days are over. It’s back to building solid businesses. No more zombie companies. If you go under, you go under. Bankruptcy can be good, and we will get out of this.
So that’s the period I’m looking for. Once we get through this period of just a little bit of cleaning up the surplus, we’re going to go back to a world where number one, the US is completely dominant. Look at the United States, the world’s largest energy producer and net exporter, and the world’s largest net exporter of agriculture. How did it happen? By adopting technology.”
At the time of writing, Bitcoin is changing hands for $20,082, flat on the day.
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