Bloomberg Analyst believes Bitcoin is the "fastest horse in the race."
October 20, 2022 4:55 AM
The bears pounced on the crypto market, and this contributed to the overall market crash. Although many people engaged in a massive round of selling, a select few acquired even more cryptocurrency. There were also numerous analysts making forecasts about the future value of Bitcoin [BTC] and other cryptocurrencies.
Bloomberg's senior analyst Mike McGlone has, on multiple occasions, speculated on the future value of Bitcoin. In spite of the king coin's resistance to rising above $20,000, McGlone maintained his belief that BTC would reach $100,000.
McGlone predicted the asset's rising value due to its scarcity and rising demand, as he explained in a recent interview with Stansberry Research. However, he continued, these were not the only contributing elements,
"So, in my opinion, Bitcoin will eventually reach that $100,000 valuation. And at some point it will just sneak in and kick into that bull market, perhaps around the same time gold and treasury bonds do in terms of price."
And he even went so far as to call Bitcoin the "fastest horse in the race" McGlone even brought up the idea that Bitcoin could one day become as valuable as gold. What he actually said was
"Though I'm not a gold bear, I think Bitcoin should be considered alongside the precious metal as a form of global digital collateral."
Where Bitcoin Is Now and Why
Bitcoin's price has had a hard time rising above $20,000, as was mentioned earlier. The king coin had a price of $19,178 at press time, down 2% from the previous day. But according to McGlone, Bitcoin was establishing a floor at its current prices.
"about the same as it did in 2018-2019, which averaged about $5,000. There was a time when it was only $3,000, and now look at us: $19,020. Okay, I see what Bitcoin is for now. Only after a large increase does it begin to decline."
In addition, he noted that BTC is "most discounted it's ever been on a 100-week and 200-week moving average." As Bitcoin keeps rising in value, many people would be encouraged by McGlone's most recent forecast.