Bloomberg commodity strategist Mike McGlone has reiterated he believes that the price of the flagship cryptocurrency Bitcoin ($BTC) will hit the $100,000 mark. Per the analyst, it’s a “matter of time” until the cryptocurrency reaches six figures.
In an interview with Kitco News, McGlone noted that Bitcoin’s adoption keeps on gaining steam and is helping the cryptocurrency’s price move up. His $100,000 prediction would happen in less than three years. The analyst said:
Here’s the key thing about Bitcoin. To me, it’s a matter of time before it gets to $100,000. The key fact is by code, the supply is going down. You can’t change it. Adoption and demand are increasing.
McGlone added he does not expect the trend to reverse, but rather expects it to accelerate. Per his words, every sign points to the trend accelerating, meaning it’s “just a matter of time” until the cryptocurrency hits six figures.
Commenting on BTC currently trading around the $19,000 mark, the analyst said prices right now are “very low” and that he believes in the future investors will look back at BTC at these levels “like we look back at the NASDAQ at the bottom in 2002.”
During the interview, McGlone noted he believes Bitcoin will benefit from a new economic chapter in which solid businesses keep being built and “zombie companies” go under without any support as “bankruptcy can be good, and we get out of this.”
Per the analyst, after going through a period of “just a little bit of cleansing of the excesses of excess, we’re going back to a world where number one, the US is completely dominant.” As CryptoGlobe reported, McGlone has been predicting BTC will hit $100,000 by 2025 for months now,
The analyst is also “bullish” on gold as he believes that once we see a little peak in long bond yields, a little end of all these hiking expectations from the Fed,” gold will start to take off. Silver, he added, will underperform in the short term.
McGlone has notably accurately predicted in November 2020 that the price of BTC would surpass its $20,000 mark and enter a parabolic rally in 2021. Last year, BTC reached a new all-time high near the $69,0000 mark before enduring a significant correction.
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