Bloomberg analyst Mike McGlone says he can’t see anything stopping the Bitcoin price from appreciating.
Discussing the macro economic environment, the gold market, and Bitcoin, McGlone said,
‘The key thing about Bitcoin is that I don’t see what’s going to stop it from doing what it has been doing for most of its life, and that’s appreciating.’
The Bloomberg analyst was speaking on Kiko News and drew on several factors to back up his argument. Citing the halving event, the state of the global economy, and BTC’s uncorrelation to other markets. McGlone believes it all pretty much guarantees the Bitcoin price will continue to ‘keep adding zeros.’
Bitcoin Price Keeps Adding Zeros
McGlone cited the Bitcoin price historical trend. Explaining how the leading cryptocurrency ‘has a history of adding zeros.’ Noting that he expects Bitcoin maturation and adoption will lead to a Bitcoin to USD $100,000 within five years.
‘The key thing it has been doing since it went to $100 and then to $1,000 and then $10,000, which has really been the consolidation price for the last three years, it just has a history of adding zeros,’ said Mike McGlone.
‘It took four years to reach the last zero, so the next zero should take eight years, but the key thing [people] need to realise about Bitcoin is supply is declining incrementally and will not be impacted by price. … So more adoption and more demand,’ will take the Bitcoin price to $100k in five years, said the Bloomberg analyst.