Senior Bloomberg analyst Mike McGlone says in a recent interview that gold and cryptocurrencies will emerge first in the wake of the current economic crisis.
Mike McGlone highlights gold and a cryptocurrency
Mike McGlone said in a new interview that Bitcoin will soon climb to $100,000 due to its increasing use cases and finite supply. According to the expert, it’s only a matter of time before the president cryptocurrency does this. McGlone says that gold and treasury bonds will be successful in terms of price, in a precedent form to BTC. According to the expert, these markets are ready to rally due to their limited supply:
Crushing is the most valuable thing right now, but the easy realities of supply-demand adoption are the most discounted ever at the 100-week and 200-week moving averages and looking forward to the next five or 10 years. Procurement is decreasing compared to code. Demand and adoption are increasing.
According to McGlone, who later said in his interview that cryptocurrencies are reaching more and more people, Bitcoin is the “fastest horse in the race”. The expert also observes an increase in the use of tokenized money:
I recently returned from a Las Vegas Webex conference. It is certain from what you see that people are aware that this horse is the fastest in the race. Because technology changes so fast, you have to keep up with it. There’s certainly a lot of speculation, but one thing this market has accomplished is enabling a new technology where the tokenized dollar is seen in the midst of all crypto in its fastest form. People are just beginning to understand this. US regulators are only realizing this lately.
Bitcoin will eventually replace gold
According to McGlone, dominant crypto will eventually replace gold as the standard world currency. “I am not against gold, but you should have Bitcoin there alongside gold because it is becoming a worldwide digital collateral,” says the Bloomberg analyst. The strategist also offers his opinion on the short-term price of BTC, noting that he expects Bitcoin to reach $20,000 soon:
“I believe Bitcoin has a base around $19,000 to $20,000, as it was around $5,000 in 2018-19. We are currently at $19,020, despite the drop to $3,000. This is what Bitcoin has accomplished.”