Saturday, October 16, 2021
Home Crypto News Market Bloomberg Chief Commodity Expert, Mike Mcglone Says That Bitcoin May Still Hit...

Bloomberg Chief Commodity Expert, Mike Mcglone Says That Bitcoin May Still Hit $100,000 In 2021, According To Him He Has Underestimated One Thing And That Is Funds Are Leaving Gold For Bitcoin

- Advertisement -

Bloomberg leading commodities strategist, Mike McGlone provides a reason why the Bitcoin still has a chance of hitting the $100,000 price line by the end of the year, despite the recent Bitcoin correction.



He admitted that there is one important thing about Bitcoin that he underestimated this year, which is the reallocations of gold to BTC and Ethereum.

Watch Video:

 

 

In his recent interview with Stansberry Research, McGlone admitted that he underestimated one thing about BTC and gold in particular: How much money continues to flow out of gold is converted into Bitcoin and Ethereum.

For Bloomberg’s experts, this means that the two leading cryptocurrencies are taking over gold. Bitcoin specifically does this as it has a strictly limited supply of 21 million coins, of which fewer than three million are left to mine, compared to unlimited supply of gold.





Authorities plan to keep the unlimited supply of fiat currency, BTC could still reach $ 100,000.

Mike McGlone believes the Fed and the US government will do their best to maintain the unlimited supply of fiat currency by providing other types of financial incentives to businesses and ordinary people.

According to McGlone In this battle, where BTC has a limited supply and fiat currencies with their potentially unlimited supply, Bitcoin is likely to win.

He added that many investors have either switched their funds from gold to Bitcoin or Ethereum, or put BTC and ETH in the same basket as gold.

McGlone shared that gold was down 7% in 2021, while Bitcoin was up nearly 70%, and Ethereum was up nearly 400%.

According to him BT can still hit $100,000 by the end of this year.

 

Recently Microstrategy CEO, Michael Saylor said: “If I Had Chosen Gold Instead Of Bitcoin Last Year, It Would Have Been A Multi-Billion Dollar Mistake”

As the chart shared by Microstrategy shows, if MicroStrategy would have invested in Gold rather than Bitcoin, the over $2 billion initial investment would have lost 80% of its value in one year.

 

 

 

- Advertisement -
Jakkkhttps://thecryptobasic.com/
Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade and write on cryptocurrencies. My primary aim is to provide genuine information to cryptocurrency readers because crypto is filled with frauds and scams. Accurate information is scarce to get. So We at TheCryptoBasic will be providing accurate information about cryptocurrencies topics that users can trust.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Realvision Founder Raoul Pal, “You Can Be Angry At Central Banks, Governments Or You Can Be Optimistic And Migrate To The New World Of...

RealVision founder Raoul Pal made important statements on digital currencies on Twitter. window.coinzilla_display = window.coinzilla_display || ; ...

El Salvador President, Nayib Bukele Says Citizens Are Using More USD To Buy Bitcoins

El Salvador President Nayyib Bukele shared two facts about the cryptocurrency wallet Chivo. window.coinzilla_display = window.coinzilla_display ||...

SEC Tacitly Approves First Bitcoin Futures ETF

The US Securities and Exchange Commission (SEC) has approved the ProShares application to launch the Bitcoin Futures ETF. Trading starts on Monday, October 18th. Also...

Bitcoin Above $60K After Twitter CEO, Jack Dorsey Said Square Is Considering Building A Bitcoin Mining System

Jack Dorsey says that Square is “considering” building its own Bitcoin mining system using custom silicon and open-source software. Read: Vladimir Putin: “Cryptocurrencies Have A Right...

CFTC Fined Bitfinex And Tether To Pay $42.5 Million Over USDT Backing

The United States Commodity Futures Trading Commission (CFTC) has settled claims against Tether and Bitfinex, ordering the company to pay fines totaling $ 42.5...

Bank Of Japan: “The Digital Yen Should Be Compatible With All Payment Services”

Executive Director of the Bank of Japan, Shinichi Uchida, believes that the digital Yen should be as simple and convenient to use as possible,...

Morgan Stanley CEO: “I Don’t Think Crypto Is A Fad, I Don’t Think It’s Going To Go Away”

Morgan Stanley CEO James Gorman said that the bank's clients show little interest in cryptocurrencies, but expressed confidence that digital assets will remain for...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.