Bloomberg analyst Mike McGlone expects Bitcoin to continue to appreciate to hit $100,000 by 2025. After the March market crash caused by the pandemic, Bitcoin has recovered strongly and McGlone expects the digital asset to grow further in the 2020s.
In his crypto outlook for October, the analyst added:
“Bitcoin should continue doing what it has for most of its nascent existence, appreciating in price on the back of increasing adoption, but at a slower pace as we see it.”
Also, McGlone believes that Bitcoin’s adoption will serve as the push the crypto asset needs to hit a new all-time high. According to CoinJournal, Bitcoin is increasingly being adopted to secure young people’s savings in Egypt and sub-Saharan Africa.
Earlier, McGlone pointed to the limited supply of Bitcoin and its growing demand. He said the limited 21 million supply of the digital coin coupled with demand may catalyze the “digital gold.”
In the Bloomberg September outlook on crypto, McGloe predicted $500,000 on Bitcoin with no exact time frame.
In addition, the Bloomberg analyst referred to Bitcoin as the “benchmark crypto” and has won the “the adoption race among myriad copycats.”
Furthermore, McGlone is optimistic about the Tether stablecoin. Referring to the increasing adoption of the stablecoin, he added that the Tether stablecoin would pass the Ethereum market cap in 2021.
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