Bloomberg's chief commodities strategist Mike McGlone has doubled demand for six-figure Bitcoin (BTC), arguing that the number one cryptocurrency is on its way to becoming a global reserve asset Complements the US dollar.
Bloomberg's September issue of Crypto Outlook described the $100,000 level for Bitcoin and $5,000 Ether (ETH) as the path of least resistance after the two assets survived a correction of over 50 % during summer.
Referring to the second half of 2021, McGlone wrote: Crypto assets emerge in a resurgent bull market with the advantage of a sharp discount from previous highs at the start.< /p>
Wallets that lack exposure to Bitcoin or Ethereum are considered bare, he said, as evidenced by the relatively poor performance of gold and government bonds: portfolios consisting of a mixture of gold and bonds appear bare. Increasingly without some Bitcoin and Ethereum joining the mix. Low overall risk is a major threat to the bullish cryptocurrency market.
While the six-figure forecast for Bitcoin is nothing new, McGlone's long-term forecast puts Bitcoin near the center of the global financial system.
McGlone said after explaining that the dollar has advanced more than 300% against its major peers since President Richard Nixon removed the currency peg from the US dollar in 1971.
He further explained: We anticipate the future of Bitcoin, the digital reserve asset, as a complement to the dollar's reserve currency.
Bitcoin's most ardent proponents have long argued that the cryptocurrency will mature into a global reserve asset. Their conviction stems from Bitcoin's superior monetary policy in an era when central banks are inflating the money supply, contributing to wealth inequality and rising prices for goods, services, and assets.
Bitcoin's value proposition has also been recognized within institutional circles, with JPMorgan Chase and BlackRock arguing that bitcoin is eroding gold's market share as a store of wealth.< /p>
