Bloomberg strategist explains key macro drivers for price growth of gold and bitcoin
Senior Bloomberg strategist Mike McGlone has predicted that the BTC price will reach $100K by 2025 in an interview with Kitco News. McGlone pointed out that Bitcoin still has more than enough space for price growth, citing that the cryptocurrency had previously jumped from $1000 to $10000/bitcoin over the last 3 years. As for gold, even gold's uptrend has been somewhat slow compared to Bitcoin, but will not stop appreciating vs. the US dollar – and it may spike again. McGlone argued that if bitcoin can repeat its past bullish momentum, it could return to its 2019 high of $14,000 by the end of 2020.
Why it matters: There are a number of factors supporting the Bitcoin price, and mainstream investors are beginning to enter the space. With so much buying interest in Bitcoin, as well as some of the major altcoins, we are likely to see higher prices over both the medium and long term. Despite its technical limitations, Bitcoin has become the go-to alternative digital asset, and these seem to be few reasons to doubt its ability to continue to attract capital. As an alternative to central bank issues fiat currency, Bitcoin can be used anywhere these is an internet connection, and has been an excellent store of value since its inception.
