Mike McGlone, Bloomberg’s senior commodity strategist, has reconfirmed that he sees Bitcoin hitting $100,000 in the future. He also believes that the leading cryptocurrency will become a global reserve asset that will complement the dollar rather than compete with it.
In Bloomberg’s September report of its predictions and estimations on the digital asset market, McGlone writes that Bitcoin is headed for a bullish six-figure and he believes Ethereum will crack above $5,000. These comments come after both digital assets managed to hold stability after a 50% correction over the past few months.
As reported in September’s Crypto Outlook McGlone notes that the bulls are in control of the market at the moment and that we’re likely headed in an upwards trajectory for cryptocurrencies:
“We see Ethereum on course toward $5,000 and $100,000 for Bitcoin. Portfolios of some combination of gold and bonds appear increasingly naked without some Bitcoin and Ethereum joining the mix… After enduring a gut-wrenching correction, we see the crypto market more likely to resume its upward trajectory than drop below the 2Q lows”
Bullish Bitcoin to complement dollar
McGlone’s bullish outlook for Bitcoin’s future price is not new speculation, and other analysts believe the cryptocurrency will tag the six-figure price. Unlike others, however, McGlone’s prediction puts Bitcoin aligned with the dollar, rather than against it. The senior strategist points out that he sees Bitcoin as part of the future of fiat, but not a commodity to replace the dollar. He notes that they “believe Bitcoin represents the digital future”. Looking at the use-case and functionality of Ethereum and potential for Bitcoin to hold value, McGlone writes:
“Ethereum is a key part of building this infrastructure, where free markets have embraced the greenback as the primary global currency. Bitcoin is gaining accolades as the digital reserve asset in a world going that way. We foresee a future of Bitcoin, the digital reserve asset, complementing the dollar reserve currency.”