Bloomberg senior commodity strategist Mike McGlone has given the crypto community a new reason for optimism after posting a forecast that predicts Bitcoin (BTC) eventually reaching $100,000.
According to McGlone, Bitcoin is shaping up as a global reserve asset that will not steal the lead from the US dollar but will complement it. During the latest edition of Bloomberg's Crypto Outlook, McGlone didn't hesitate to predict a price rise of Ethereum to $5,000 (ETH).
He pointed out that the two assets managed to go through a 50% correction in the summer and are once again increasing in value, owing to a bullish second-half year market.
McGlone explained that portfolios today increasingly rely on various financial instruments that relate to crypto to diversify and minimize risk.
“Portfolios of some combination of gold and bonds appear increasingly naked without some Bitcoin and Ethereum joining the mix. A macro risk-off decline is a primary threat for the crypto bull market”, he said.
Bitcoin represents the digital future, McGlone explained, arguing that Bitcoin has a place in the financial global order and that will become apparent over the next months and years.
“We foresee a future of Bitcoin, the digital reserve asset, complementing the dollar reserve currency“, the analyst added.
Calls for seeing Bitcoin as a global reserve asset are not exactly new and crypto proponents have long argued the case for the wider adoption of Bitcoin. This is finally happening, and not least thanks to mass adoption by payment processors like Visa and PayPal and companies such as Tesla.