Leading Bloomberg Expert Believes Bitcoin May Show Price Rise In Q4 This Year
Bloomberg’s chief commodity strategist, Mike McGlone, has taken to Twitter to spread good news for the Bitcoin community again.
Bloomberg’s pro-Bitcoin strategist estimates that in the last quarter of 2021, the price of the world’s flagship crypto could rise significantly, expressing his $ 100,000 forecast earlier.
“Rising U.S. debt may help Bitcoin spike”
McGlone has tweeted that Bitcoin may be entering a unique phase that may end in a price surge in the fourth quarter of this year as the U.S. debt is rising and tensions over a potential default are increasing. Bitcoin’s main virtue that the Bloomberg strategist names in the tweet is its limited supply of $ 21 million.
As for asset managers that avoid investing in Bitcoin, the debt-ceiling drama may turn against them, McGlone adds.
Earlier this year, in September, McGlone claimed that Bitcoin was likely to make a significant price hike this year, fueled by its dwindling supply and the spread of mainstream adoption.
This year, two business giants adopted Bitcoin: Tesla and Twitter. Tesla did so at the start of the year. however, in the spring Elon Musk opted to stop accepting BTC payments over controversial issues related to the carbon footprint of mining. However, prior to beginning to accept BTC, Tesla announced that it had allocated a mind-blowing $1.3 billion to put Bitcoin on its balance sheet.
As for Twitter, just recently, Jack Dorsey announced testing of the feature that allows any user to be rewarded with Satoshis for their tweets.
China’s ban may prompt the U.S. to embrace Bitcoin, McGlone believes
As reported by U.Today earlier, Bloomberg’s chief expert on commodities, McGlone, opined that the recent cryptocurrency ban imposed by the Chinese government and its Central Bank (PBOC) might actually be beneficial for the U.S.
In particular, China’s continued anti-crypto policy could lead the United States to embrace cryptocurrencies, he believes, by giving them friendly regulation. He referred to the recent ban in China as a “new digital world order table-setter.”
In addition, the stricter regulations force several crypto companies to leave mainland China and move to other jurisdictions or withdraw from the local market altogether, abandoning their Chinese customers.
More than 20 companies, including such giants as Huobi, Binance and Juhan Wu’s Matrixport exchange, are among them.
