Bloomberg Intelligence commodity strategist Mike McGlone says Bitcoin is set for a parabolic ascent that could exceed even the most bullish price targets this year.
In a new tweet, McGlone says Bitcoin is on the verge of a major evolutionary shift that can catapult the leading crypto asset by nearly 630% from its current price of $54,800 before 2021 expires.
“Bitcoin in Transition to Risk-Off Reserve Asset: BI Commodity — Well on its way to becoming a global digital reserve asset, a maturation leap in 2021 may be transitioning Bitcoin toward a risk-off asset, in our view.”
According to McGlone’s chart, Bitcoin is poised to skyrocket to $400,000 before this year expires as it follows the footsteps of the 2013 and 2017 boom cycles. The massive bullish projection far exceeds the prediction of quant analyst PlanB that BTC will hit $288,000 by the end of 2024 and Pantera Capital CEO Dan Morehead’s expectations of $115,000 by August 2021.
McGlone’s big price target for Bitcoin comes as news that governments are considering purchasing BTC sent shockwaves throughout the cryptoverse.
Robert Gutmann, chief executive of crypto-focused investment firm New York Digital Investment Group (NYDIG) reveals that funds owned by the government are open to the idea of buying the leading crypto asset.
Macroeconomics guru Raoul Pal adds that Temasek Holdings, an investment firm owned by the Singapore government which manages a net portfolio worth $306 billion, is already buying the number one cryptocurrency.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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