Bloomberg Senior Commodities Analyst Mike McGlone Doubles His Forecast For Bitcoin Six Figures (BTC) price tag.
In a new interview with Kitco News, McGlone said Bitcoin adoption and demand appears to be gaining enough momentum to push BTC to $100,000 in less than three years.
“Here’s the bottom line about Bitcoin. For me, it’s a matter of time before it hits $100,000. The key fact is that, by code, the supply is going down. You can’t change. Adoption and demand are increasing. Unless you expect it to reverse – which I don’t think – I think it’s going to accelerate. Every sign I see is accelerating. It will continue to appreciate, it’s just a matter of time.
Right now, I think that’s when the prices are very low. We should look back to the future [at this] as a very low price as we watch the NASDAQ bottom in 2002.”
The analyst says he expects Bitcoin to benefit from a new chapter in the economy in which speculation is driven by more than the amount of money the Federal Reserve is printing.
“Those days are over. It’s back to building strong businesses. No more zombie corporations. If you sink, you sink. Bankruptcy can be good, and we get out of it.
So that’s the period I’m looking for. Once this period of cleaning up a bit of the excesses is over, we return to a world where number one, the USA, is completely dominant. Look at the United States, the world’s largest net energy producer and exporter, and the world’s largest net exporter of agricultural products. How did it happen? By embracing technology.
As of this writing, Bitcoin is changing hands for $20,082, flat on the day.
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