Bloomberg Intelligence’s senior commodity strategist says bitcoin “may be entering an inexorable phase of its migration into the mainstream.” In addition, the cryptocurrency may also “be entering unstoppable maturation stage,” the strategist added, expecting the price of bitcoin to continue to rise over time.
Bitcoin’s ‘Unstoppable Maturation Stage’
Bloomberg Intelligence’s senior commodity strategist Mike McGlone provided his outlook for bitcoin this week. He tweeted Wednesday, “Reporting on rising demand and increased adoption as well as regulation.”
Bitcoin might be moving into an unavoidable stage of mainstream adoption, though at a significantly lower price.
In another tweet, he noted the declining supply of bitcoin, adding: “Bitcoin’s definable diminishing supply is unprecedented on a global scale, and so prices should continue to rise over time unless something unlikely reverses demand and adoption trends, given the laws of supply and demand.”
Also, he tweeted:
Bitcoin might be at an inexorable maturation stage.
The strategist elaborated: “The fact that Bitcoin didn’t exist in October 2007, when WTI crude oil rose to its current $84 a barrel for the first time, may indicate the appreciation advantage of the nascent technology.”
“In a world rapidly going digital, the benchmark crypto is gaining value as a unique alternative asset and global collateral that’s no one’s liability or responsibility,” McGlone continued.
“It makes sense for one of the best-performing assets of the past decade to drop with the most aggressive Federal Reserve tightening in about 40 years, but rising demand and adoption, declining supply and a steep relative price discount point to risk/reward leaning favorably,” the Bloomberg Intelligence strategist opined, concluding:
It may take time to return to the asset’s propensity for outperforming all assets. As mainstream adoption advances and U.S. accounting standard changes make it more adaptive, this will be possible.
Mike McGlone, do you agree? Comment below to let us know your thoughts.
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