Ethereum News; Bloomberg chief commodity strategist Mike McGlone has stated several times before that he expects Bitcoin to reach $100,000. Finally, McGlone noted how Bitcoin and Ethereum are building the future of the world.
McGlone, Bloomberg’s chief commodities expert, shared a chart showing data on Bitcoin against the increasing global supply of dollars.
Bitcoin supply remains constant while dollar supply increases
He called it the “currency race against the Bitcoin supply.” The curve of the rapidly increasing Central Bank balance sheet as a percentage of GDP is growing at lightning speed, while the annual percentage change curve for Bitcoin supply is falling.
Bitcoin liquidity index is moving sideways after a recent high.
The other chart currently hypothesizes that Bitcoin has hit lows last seen during the crypto winter 2018 in 2018 and Black Thursday in 2020.
BTC target is $100,000
As for the bullish bet on Bitcoin, McGlone thinks the king crypto is poised to continue its bullish trend and move towards $100,000 in the second half of 2021.
Mike McGlone also tweeted, “Ethereum is building fintech infrastructure.” In late May, he tweeted similar things about the second-largest blockchain and native cryptocurrency, saying, “Ethereum is to fintech what Bitcoin is to gold.”
ETH market cap is around $250 billion (according to CoinMarketCap) and Bitcoin is at $634 billion. In other words, the value of Ethereum is fifty percent smaller than Bitcoin.
Currently, Ethereum’s market cap is 43rd among all assets, and Bitcoin is 12th among other global companies and assets. According to this list, Ethereum is now bigger than Netflix, Coca Cola, Pepsico, Intel, Pfizer, etc.