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The leading commodity strategist for Bloomberg, Mike McGlone, took to Twitter to share some thoughts on the current state of gold and the USD and, in this regard, Bitcoin.
This was done on the Bretton Woods cancellation anniversary - 50 years ago, on August 15, US President Nixon untied the USD from gold, thus putting an end to the Bretton Woods system launched in 1944.
“US regulation cannot disrupt Bitcoin’s advance”
Bloomberg’s senior commodity strategist reckons that as the digitalization of money and finance overall is occurring “rapidly and organically”, USD continues to dominate and Bitcoin is gradually replacing gold.
According to McGlone, the current and future US crypto regulation is likely to be unable to prevent Bitcoin adoption and usage from spreading widely – this is a key take away from the Realignment conference that took place on August 15 and was dedicated to the Bretton-Woods anniversary.
#Digitalization of money and finance is happening rapidly and organically, the #dollar is gaining dominance, #Bitcoin is replacing gold and U.S. regulation is unlikely to disrupt its advance -- these are our key takeaways from the #BrettonWoods: The Realignment conference. pic.twitter.com/Oy11l68Oqs
— Mike McGlone (@mikemcglone11) August 16, 2021
$100,000 scenario for Bitcoin still in cards, as per McGlone
Earlier this year, McGlone has several times tweeted that the flagship cryptocurrency (a digital analogue of gold) is still on track to hit $100,000.
Despite the correction that took place in May thanks to Elon Musk’s negative tweets about Bitcoin and environmental issues that it causes (followed by the crackdown the Chinese government imposed on crypto miners), Bitcoin has been rising again.
Bloomberg’s expert reckons that Bitcoin is likely to start a bull run in the second half of 2021.
At the time of writing this, the leading crypto is changing hands at $46,146, as per the data provided by CoinMarketCap, after failing to fix above the $48,000 level on August 14.
Bitcoin reached an all-time high of close to $65,000 back on April 14 this year.