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Chief commodity strategist of Bloomberg, Mike McGlone, has taken to Twitter to share his view on the trajectory of crude oil price versus that of Bitcoin, where the latter has been rising.
McGlone believes that Bitcoin is going to rise unlike crude oil thanks to three factors within this decade – adoption, supply and demand.
So far, he stated the trajectory on the chart has been unfavorable for crude oil and favorable for the flagship cryptocurrency also known as digital gold. He reckons there is a high probability that it would remain the same way.
Is This Body in Motion Likely to Resume or Reverse?
— Mike McGlone (@mikemcglone11) May 24, 2022
When reviewing the past decade and looking toward the next, a key question is what might reverse the unfavorable trajectory of the #crudeoil price vs. favorable for #Bitcoin -- I see a higher probability for more of the same. pic.twitter.com/T2jK4B09uz
Bitcoin adoption has been widely expanding recently, as more and more financial institutions and retail investors have been acquiring BTC to bet on it long-term.
Recently, major investor and author of the “Rich Dad, Poor Dad” book Robert Kiyosaki tweeted that he remains bullish on the future of BTC, however, he expects a new bottom test for the asset.
Similar view has been shared by chief investment officer of Guggenheim Partners, Scott Minerd. He believes Bitcoin may go down as much as to test the $8,000 bottom from the current price. However, since, according to him, the majority of the 19,000 cryptocurrencies is “garbage” and “not even currencies”, such coins as Bitcoin and Ethereum may become survivors in the future.