Bloomberg’s chief commodities analyst Mike McGlone is doubling down on his prediction for a six-figure price tag for Bitcoin (BTC).
In a new interview with Kitco News, McGlone says Bitcoin adoption and demand appears to be growing enough to push BTC to $100,000 in less than three years.
“This is the most important thing about Bitcoin. For me, it’s only a matter of time before it hits $100,000. The most important fact is that per code the supply decreases. You can’t change it. Adoption and demand are increasing. Unless you expect it to reverse – which I don’t – I think it will speed up. Every sign I see accelerates. It will continue to appreciate. It’s just a matter of time.
Right now I think it’s at that point where it gets to very low prices. We have to look back from the future [at this] as a very low price as we look back at the NASDAQ at the bottom in 2002.”
The analyst says he expects Bitcoin to benefit from a new chapter in the economy, with speculation being driven by more than just how much money the Federal Reserve is printing.
“Those days are over. It’s back to building solid businesses. No more zombie companies. If you go down, you go down. Bankruptcy can be good, and we’ll get out of here.
So that’s the period I’m looking for. Once we get through this period of just a little cleaning up of the excesses of excesses, we’re going back to a world where number one, the US, is completely dominant. Look at the US, the world’s largest energy producer and net exporter, and the world’s largest net agricultural exporter. How did that happen? By adopting technology.”
At the time of writing, Bitcoin is changing hands at $20,082, flat on the day.
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