Market expert thinks Bitcoin will exceed $100k following the global macroeconomic winter
In an interview with Kitco News on September 17, McGlone said that the increase in Bitcoin will be triggered by rising acceptance and demand.
“I believe it is just a matter of time until Bitcoin reaches $100,000. Adoption and demand are growing, unless you anticipate a reversal, which I do not anticipate. It will continue to increase in value; it’s simply a matter of time,” McGlone added.
He said that Bitcoin and cryptocurrencies in general will certainly outperform all other asset classes in the present market situation. According to McGlone, cryptocurrencies have an edge due to their rapidly expanding technology.
At the same time, McGlone likened the present market situation to the dot-com bubble of 2000, in which some assets flourished while others collapsed. Nonetheless, he noted that Federal Reserve policies are likely to play a crucial role in resolving the present situation.
“Cryptocurrency is the quickest horse in the race.” They have the benefit of quickly growing technology, which they will continue to value in the future. It’s 2000 all over again, and it’s really worse than 2000 since the bond market moved well in 2000,” he continued.
In addition, the analyst observed that Bitcoin and the crypto market as a whole have been affected by a worldwide winter, with digital assets playing a minimal role. His position contradicts the prevalent market view that Bitcoin is experiencing a crypto winter. The price of Bitcoin has struggled to trade beyond $20,000 in 2022.
McGlone also remarked on the likelihood of Ethereum (ETH) overtaking Bitcoin in the near future, particularly following the Merge update. Intriguingly, the analyst said Ethereum may someday surpass Bitcoin, but not in the present climate.
According to McGlone, Bitcoin will likely become the new digital gold, but it will take time for this to occur due to Bitcoin’s current reputation as a risky asset.