Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
Investment Strategist Discusses Bitcoin ‘Entering Unstoppable Maturation Stage’ – Says Price Should Continue to Rise – Markets & Prices Bitcoin News
Bloomberg Intelligence’s senior commodity strategist says bitcoin “could enter an inexorable phase of its migration into the mainstream.” In addition, the cryptocurrency may also “enter an unstoppable maturation stage,” the strategist added, expecting the price of bitcoin to continue to rise over time.
Bitcoin’s ‘Unstoppable Maturation Stage’
Bloomberg Intelligence’s senior commodity strategist Mike McGlone gave his outlook for bitcoin this week. Citing growing demand, increased adoption and regulation, he tweeted on Wednesday:
Bitcoin may enter an inexorable phase of its migration to the mainstream, and at a relatively discounted price.
In another tweet, he noted the declining supply of bitcoin, adding: “Bitcoin’s definable declining supply is unprecedented on a global scale, and therefore prices should continue to rise over time unless something unlikely reverses demand and adoption trends, given the laws of supply and demand.”
He also tweeted:
Bitcoin may enter an unstoppable maturation stage.
The strategist elaborated: “The fact that Bitcoin did not exist in October 2007, when WTI crude rose to the current $84 per barrel for the first time, may indicate the strengthening benefit of the nascent technology.”
“In a world that is rapidly becoming digital, the reference crypto is gaining value as a unique alternative asset and global security that is not the responsibility or liability of anyone,” McGlone continued.
“It makes sense that one of the best performing assets of the past decade is falling with the most aggressive Federal Reserve tightening in some 40 years, but increasing demand and adoption, declining supply and a steep relative price discount point to risk/reward upside,” said the Bloomberg Intelligence strategist, concluding:
A return to its propensity to outperform most assets may be a matter of time, as mainstream adoption progresses and adaptive changes in US accounting standards give it a boost.
Do you agree with Mike McGlone? Let us know in the comments section below.
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