Bitcoin has already added a 1 in front of it's number this year and could very well add a zero to the back of its number next year.
Senior Commodity Strategist at Bloomberg, Mike McGlone had some very nice things to say about bitcoin yesterday in an interview on Bloomberg Markets.
His interview can be seen here btw:
The gist of it can be summed in one quote:
“The key thing about Bitcoin this year is very simple — it just added a one to the front of the number. Remember, it was around $7,000 at the end of last year. What I’m worried about — if you look at the past performance, which is potentially indicative of the future, next year or two could add a zero to the back of the number.”
Good thing to be worried about right?
I'm worried that bitcoin may add a zero to its price next year... yep... sounds good to me!
McGlone has been positive on bitcoin for some time now and he's been mostly right thus far.
He put this chart out a couple days ago talking about where he thinks bitcoin may be heading in the years to come in terms of market cap...
Here's a hint, it rhymes with a trillion:
In terms of price, that would be $54k per coin.
In the very near term he said bitcoin could act a lot like gold did as it got near its all time high.
It eventually broke through $2k only to have a multi week and possibly multi month consolidation period before resuming its bull market.
"I’m afraid it’s probably going to do what gold did. It got to $2,000, and then that’s been consolidating in a bull market since.”
However, like I said above, according to McGlone this will just be a resting period similar to how gold is right now before the bull market continues, adding this:
$20,000 Bitcoin Is Primary Hurdle Toward $1 Trillion Market Cap -- The digital version of gold but with more-limited supply and a history of adding zeros, appears to be in an early price-discovery stage and may simply continue its ascent in 2021. Mainstream adoption is rising..."
Not sure about you, but this last quote gives me chills.
It also has me suddenly feeling like I may not have enough bitcoin. :)
Stay informed my friends.
Posted Using LeoFinance Beta