Bloomberg Analyst: Bitcoin Could Reach $500k or Fail

Bloomberg Analyst: Bitcoin Could Reach $500k or Fail

By Abhimanyu Krishnan | News | 4 Sep 2020

Bloomberg Intelligence analyst Mike McGlone, in a report published on September 3, has offered a cautiously optimistic view for the future of Bitcoin (BTC), saying that it could be either highly successful or fail entirely.

  • McGlone describes Bitcoin “as a resting bull market on the back of gold”
  • While noting the similarities between the current DeFi-driven boom and the 2017 ICO mania, McGlone believes that a foundation is forming in the market
  • Factors supporting the strengthening of fundamentals include declining volatility, DEX and DeFi growth, limited supply, increasing demand and macroeconomic indicators
  • As such, he says that it could reach a price of “$500,000 by some estimates or it could fail”
  • Other highlights of the report include the conclusion that Bitcoin’s price rise is as likely as gold’s, and increasing demand for funds like those offered by Grayscale Investments
  • The report also states that Ethereum and equities are likely to face reversion, while gold and Bitcoin “should come out ahead in most scenarios”

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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