Bloomberg’s lead commodity analyst Mike McGlone is doubling down on his forecast for a six-figure Bitcoin (BTC) price tag.
In a new interview with Kitco News, McGlone says that adoption and demand for Bitcoin appear to be gaining enough steam to push BTC to $100,000 in less than three years.
“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. Unless you expect that to reverse – which I don’t – I think it’s going to accelerate. Every sign I see it’s accelerating. It will continue appreciating. It’s just a matter of time.
Right now, I think it’s at that point where it’s getting to very low prices. We should look back from the future [at this] as a very low price like we look back at the NASDAQ at the bottom in 2002.”
The analyst says that he expects Bitcoin to benefit from a new chapter of economics whereby speculation is driven by more than just how much money the Federal Reserve is printing.
“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 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 cleansing of the excesses of excess, we’re going back to a world where number one, the US is completely dominant. Look at the US, the world’s largest energy producer and net exporter, and the world’s largest agriculture net exporter. How did that happen? By adopting technology.”
At time of writing, Bitcoin is changing hands for $20,082, flat on the day.
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