Bitcoin is a new version of gold, according to senior analyst at Bloomberg Intelligence Mike McGlone. In an interview with Stansberry Research, he stressed that the rapid digitalization of the world prompts investors to give preference to modern technologies such as cryptocurrencies. Writes about this RBC Crypto.
McGlone pointed out that many are wary of investing in bitcoin due to its volatility. The expert explained that this asset has existed for about 10 years, which is incomparably small compared to the lifetime of gold. According to the analyst, the volatility risk of the first cryptocurrency is relatively low compared to its recent rise in value.
Earlier McGlone called Bitcoin a more promising investment than gold. The analyst predicted that in 2021 the rate of the first cryptocurrency will rise to $ 50 thousand, and its capitalization to $ 1 trillion. This scenario is more likely than a fall in the asset price to $ 20,000, the expert is sure.
On the morning of February 2, the Bitcoin exchange rate on the Binance crypto exchange is $ 34 thousand.Over the past 24 hours, it has grown by 0.7%. The asset’s market capitalization reached $ 630 billion with daily trading volumes above $ 48 billion, according to Coingecko.
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