Bloomberg’s senior commodity strategist said bitcoin is on track to become a global reserve asset, complementary to the US dollar, with a price tag of $ 100,000.
In the September Bloomberg Crypto Outlook, strategist Mike McGlone stated that the rise of BTC to $ 100,000 and ETH to $ 5,000 is the “path of least resistance.” “Crypto-assets are entering a new bull market in the second half of the year after a major fall from previous highs,” McGlone wrote.
He added that investment portfolios without BTC or ETH are “vulnerable,” as evidenced by the relatively low yields on gold and government bonds:
“Portfolios of a combination of gold and bonds seem increasingly vulnerable if Bitcoin and Ether are not added to them. Reducing macroeconomic risks is the main threat to the cryptocurrency bull market. ”
McGlone’s long-term forecast places BTC at the center of the global financial system. He noted that the dollar has risen more than 300% from major peers since President Richard Nixon lifted the dollar’s peg to gold in 1971.
“We envision the future of bitcoin as a digital reserve asset, complementing the dollar as a reserve currency,” McGlone said.
Recently, leading analysts at Bloomberg expressed their opinion that the US Securities and Exchange Commission (SEC) will soon approve the launch of an ETF on Bitcoin derivatives, and the exchange-traded fund will be launched by the end of October.
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