Bloomberg senior commodity strategist Mike McGlone has argued that Bitcoin may actually displace gold as a vessel for storing value.
Others deny that Bitcoin has the capacity to replace traditional investment methods but McGlone’s comments come as Bitcoin’s cascading value rallied back past the $50,000-mark on March 8, looking steady at $54,307 at the time of reporting.
With the recent bullish run, more analysts have stepped forward to offer their insight into what is happening within the Bitcoin ecosystem.
Despite a dip in value late in February, a new rally has surfaced, with BTC increasing its price significantly from $49,272 in the early hours of March 8. The value has remained steady and unflinching for the past 12-or-so-hours.
Yet, while McGlone predicts BTC as the next big thing when it comes to storing wealth, not everyone is as convinced as he is. In fact, many professional traders are still hesitant to trade in Bitcoin, fearing price fluctuations.
Meanwhile, Bitcoin miners have been jumping in on the bullish run. While miners have realized a $1.36bn profit in February, most of them have stopped selling, holding on to Bitcoin and consequently contributing to driving the market up.