Bloomberg Intelligence’s senior commodity strategist says bitcoin “may be entering an inexorable phase of its migration into the mainstream.” In addition, the cryptocurrency may also “be entering unstoppable maturation stage,” the strategist added, expecting the price of bitcoin to continue to rise over time.
Bitcoin’s ‘Unstoppable Maturity Phase’
Mike McGlone, senior commodity strategist at Bloomberg Intelligence, provided his outlook for bitcoin this week. Citing rising demand, increased adoption and regulation, he tweeted on Wednesday:
Bitcoin may be entering an inexorable phase of its migration into the mainstream, and at a relatively discounted price.
In another tweet, he noted the dwindling supply of bitcoin, saying: “The finitely dwindling supply of bitcoin is unprecedented globally, and therefore the price should continue to rise over time, as long as the laws of supply are observed, Demand and adoption trends are not likely to reverse.
He also tweeted:
Bitcoin may be entering unstoppable maturation stage.
The strategist elaborated: “The fact that bitcoin did not exist in October 2007, when WTI crude oil first reached its current $84 per barrel, may indicate an appreciation advantage of the nascent technology.”
“In a world rapidly going digital, the benchmark crypto is gaining value as a unique alternative asset and global collateral that’s no one’s liability or responsibility,” McGlone continued.
“It makes sense for one of the best-performing assets of the past decade to be the most aggressive Federal Reserve tightening in nearly 40 years, but due to rising demand and adoption, declining supply and risk/reward leanings. A sharp relative price discount point favorably,” the Bloomberg Intelligence strategist concluded:
Returning to its propensity to outperform most assets may be a matter of time, as mainstream adoption progresses and adaptive changes in U.S. accounting standards give it a lift.
