Bloomberg Analyst – Bitcoin On Course to Hit $100,000 As Investors Opt For BTC Over Gold
Mike McGlone, a well-known commodity analyst at Bloomberg Intelligence, has stated that Bitcoin (BTC) seems to be on track to reach $100,000 as it inches forward to become a substitute for gold.
In the latest edition of the Bloomberg Crypto Outlook, McGlone has written that the Grayscale Bitcoin Trust (GBTC), which finished at a 2.7% discount by February end, hints that the numero uno crypto’s value could increase by 200%.
The analyst has stated that GBTC’s price decline and the CME-listed Bitcoin futures trading considerably higher, indicates that Bitcoin has consolidated in a strong manner.
“Bitcoin’s end of February price disparities on U.S. regulated exchanges portend a firming price foundation, if history is a guide, and are evidence of just how nascent the crypto is. Indicating capitulation selling, the Grayscale Bitcoin Trust closed at its steepest discount ever, while December CME-traded Bitcoin futures settled about 20% higher.”
McGlone further states that the top crypto seems to be on course to become a substitute for gold as an increasing number of investors now prefer to invest in Bitcoin rather than the yellow metal to spread their portfolio risk. He further stated that the change in preference has come at a time when Bitcoin has become less volatile compared to the past.
“Undistorted by price, we see the rising tide of Bitcoin adoption as simply prudent, notably for the gold allocators through history, increasing risk of the metal heading toward redundancy in a world quickly going digital…”
“Annual Bitcoin volatility will decline below that of Amazon.com in a few years, if past patterns prevail, we believe.”