Bloomberg’s leading commodities strategist Mike McGlone has indicated that Bitcoin It could still hit $ 100,000 per unit before the end of the year as funds continue to divest gold to get the money into Bitcoin, according to Yuri Molchan on U Today.
Leading commodities strategist Mike McGlone offers a reason why the flagship cryptocurrency still has a chance to hit the $ 100,000 price line by the end of the year, despite Bitcoin’s current correction.
He admitted via a Twitter reflected by the Stansberry Research user that there is one important thing about Bitcoin that he has been underestimating this year:
Funds keep coming out of gold to enter Bitcoin.
In his recent interview with Stansberry Research, McGlone admitted that he had underestimated one thing about cryptocurrencies and gold. In particular: how many funds are still coming out of gold and are being converted into Bitcoin and Ethereum.
For the Bloomberg expert, this means that the two main cryptocurrencies are taking over gold. Bitcoin is doing it in particular as it has a strictly limited supply of 21 million coins with less than three million to mine versus gold with an unlimited supply.
“Authorities Plan to Keep Unlimited Fiat Currency Supply”, BTC May Still Hit $ 100K
Mike McGlone believes that the Fed and the US government plan to do everything they can to maintain the unlimited supply of fiat currency by reducing and offering other types of financial stimulus to average businesses and individuals.
In this fight for Bitcoin, with its limited supply and fiat currencies with its potentially unlimited supply, Bitcoin is likely to win, the Bloomberg commodity strategist tweeted.
He added that many investors have been moving their funds from gold to Bitcoin or Ethereum or have been putting BTC and ETH in the same basket as gold.
McGlone shared that, in 2021, gold is down 7%, Bitcoin is up almost 70%, and Ethereum is up almost 400%.
Hence, the flagship cryptocurrency may still hit $ 100,000 by the end of this year, despite the massive correction it faces right now.
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