Mike McGlone, Bloomberg’s commodity specialist; He explained that they expect an increase in bitcoin price.
McGlone, who has been explaining that the price of gold will go up for a while, has made a similar comment for Bitcoin now. According to McGlone, recent macroeconomic developments, decreasing supply and increasing demand will increase the price of Bitcoin.
Passed Its Competitors
Mike McGlone interprets the developments in the world economy in favor of Bitcoin. Compared to S & P500 and gold, Bitcoin has made more profits to investors since this year. Comparing the annual performance of Bitcoin with S & P500, McGlone; It shows that Bitcoin is clearly ahead.
He also reminds that Bitcoin’s volatility against S & P500 is lower than ever. In his opinion, this is; It reinforces the discourse that Bitcoin is digital gold.
Demand is Increasing
According to McGlone, the environment for Bitcoin price to go up is ready. In addition, Bitcoin’s halving is approaching, and it seems that demand is also increasing. At this point, McGlone draws attention to the increased hash rate in the network and the number of active addresses.
McGlone, compiling the address numbers from Coinmetrics; says that this number has increased as in 2019 and this is a good sign. According to McGlone, the Bloomberg Intelligence team; In light of all this information, he predicts that the price of Bitcoin will rise.