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. Citing rising demand, increased adoption, and regulation, he tweeted Wednesday:
Bitcoin may be entering an inexorable phase of its migration into the mainstream, and at a relatively discounted 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.”
He also tweeted:
Bitcoin may be entering unstoppable 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:
Returning to its propensity to outperform most assets may be a matter of time, as mainstream adoption progresses and adaptive changes in U.S. accounting standards give it a lift.
Do you agree with Mike McGlone? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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