According to the October 2020 edition of research report “Bloomberg Crypto Outlook” from Bloomberg Intelligence (BI), Bloomberg’s research arm on the Bloomberg Terminal, the Bitcoin price is “on track” to reach $100K by 2025.
This report, which was released last Friday (October 2), was written by Mike McGlone, who is a Senior Commodity Strategist at Bloomberg Intelligence.
McGlone expects “increasing adoption” for Bitcoin, but “at a slower pace.” Even so, based on “historical growth guides” and “demand and adoption measures”, he expects the price of Bitcoin to reach $100000 by 2025:
“Still in hangover mode from the 2017 rally, we don’t know what specific catalyst might launch Bitcoin to new highs, but demand vs. supply metrics remain price-positive.
“If the crypto echoes its past gains, with some maturation, about double the time period it took to add a zero to $1,000 could get its price to $100,000 in 2025.”
On September 22, McGlone explained why he is so bullish on both gold and Bitcoin:
Featured Image by “AaronJOlson” via Pixabay.com
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
