Bloomberg’s Mike McGlone Predicts When BTC Will Tap $100K and ETH $6K
Mike McGlone – Senior Commodity Strategist at Bloomberg – argued that the crypto winter might last longer than previous market declines and the reason for it is the “Fed’s sledgehammer.” In the next few years, though, he expects the industry to emerge stronger than ever, with Bitcoin tapping $100,000 and Ethereum trading at $6,000 by 2025.
He also touched upon “The Merge,” claiming that the event got “too hyped,” which is now causing short-term pain to investors. He also predicted that Ethereum’s greener focus will drive massive institutional adoption that will aid the protocol’s development in the years to come.
BTC and ETH to Reach Milestones in Three Years
In a recent interview for Kitco News, McGlone reiterated his position that bitcoin will climb to the $100,000 price level. However, due to the “macroeconomic global winter,” the asset’s appreciation could take up to three years:
“Bitcoin to me, it’s a matter of time before it gets to $100,000. The key fact is that adoption and demand are increasing unless you expect that to reverse, which I don’t think. It will continue to appreciate; it’s just a matter of time right now.”
Speaking of Ethereum, Bloomberg’s strategist described it as a “different animal,” expecting its price to climb to $6,000 by 2025.
The reason for crypto’s rise in the future is because it is “the fastest horse in the race,” McGlone argued. In his view, the asset class has a “rapidly advancing technology advantage,” which will guide it through the bear market.
He thinks that, similar to the Dot-com bubble in the early 2000s, the current crypto winter will wash out some projects. Nonetheless, the meaningful ones will survive the turbulence and play a vital role in the future of finance, the Strategist concluded.
It is worth noting that McGlone has not always been spot on with his forecasts. At the end of last year, he envisioned that “deflationary forces” will prevail in 2022, which could help bitcoin hit $100K. In reality, though, the ongoing year has seen record inflation rates in many countries, while BTC has been trading far below the predicted level.
https://cryptopotato.com/bloombergs-mike-mcglone-predicts-when-btc-will-tap-100k-and-eth-6k/
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