According to Michael McGlone, the value of BTC will not fall below the $20 000 mark

When bitcoin will rise to $100 000. Bloomberg analyst’s prediction

06.06.2022 - 08:45

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1 min

What’s new? Bloomberg Intelligence senior commodities analyst Mike McGlone in an interview for Kitco News compared the current economic situation in the world to the aftermath of the Great Depression of 1929. The expert believes that the market is now experiencing its worst inflation in 40 years and that once the crisis is over, bitcoin may become one of the most valuable assets on the planet.

The full version of the interview

What other statements were made? McGlone also called bitcoin “digital gold” and noted that the volatility of the asset is decreasing year on year, demonstrating that it is becoming more “mature.” The expert believes that the price of the first cryptocurrency will reach $100 000 in the coming years. McGlone added that the current $30 000 mark is a good support level and expressed doubt that it will drop to $20 000.

Furthermore, according to McGlone, a huge ecosystem has already formed around Ethereum, which is an advantage this asset has over others.

On May 13, McGlone said that only bitcoin and Ethereum would benefit in the long run from the US Federal Reserve System’s (Fed) policy tightening. He added that temporary declines in cryptocurrency rates amid a falling stock market are the norm.

According to the analyst, the Fed’s interest rate hike would hurt stock markets more than major cryptocurrencies. As for bitcoin and Ethereum, they “will go down, but they’ll come out ahead.”

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