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”