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Mike McGlone, chief commodity strategist at Bloomberg, has taken to Twitter to give the community his final confirmation of the fact that Bitcoin is no longer a speculative cryptocurrency but has turned into a valid reserve asset.
It may reach $100,000 if it follows the second largest cryptocurrency, McGlone explains.
The crucial weekend for Bitcoin
Mike McGlone mentions the Bitcoin 2021 conference in Miami that took place over the weekend as the crucial event for Bitcoin and the community.
He referred to the event as "Woodstock-like", referring to the major music festival that took place on August 15–18, 1969, and attracted more than 400,000 visitors. It was a key event for rock-n-roll and the hippie culture in the Western world.
The event, the expert has tweeted, has backed Bitcoin mainstream adoption. And it has also validated Bloomberg’s view that BTC is now a global reserve asset, not a speculative one.
"Ethereum can help Bitcoin reach $100,000"
Charts shared by McGlone show the factors that can help the flagship digital currency reach the mind-blowing price of $100,000 in the near future.
The first is a classic – the shrinking Bitcoin supply versus the growing supply of fiat currencies and USD first of all. Recently, the US Congress approved of $900 billion stimulus package in late December.
In early March, a $9 trillion package to stimulate the economy was passed as well.
The factor mentioned on the second chart is that Bitcoin can reach $100,000 if it follows the growth pattern of Ethereum.
Ethereum’s market cap now totals half of Bitcoin’s
Over the past twelve months, Bitcoin has soared 4x, while the second biggest crypto surged over 1,000 percent. Ethereum’s market cap now is $291,283,646,840 – that is approximately half of Bitcoin’s market cap.
In his recent report, McGlone stated that Ethereum may surpass Bitcoin by market cap due to its stronger use case and foundation.