Mike McGlone, the commodity expert at Bloomberg Intelligence, predicted in an interview with Stansberry Investor that Bitcoin will hit $ 100,000 by the end of this year. Not only does he put this digital currency in good port , since last August a crypto expert named Adrian Zduńczyk also anticipated good news for Bitcoin (although he also predicted a 90% drop).
In the interview, McGlone assumed that in the past he had underestimated the reallocation of capital from gold to cryptocurrencies such as Bitcoin or Ethereum . The expert stated that he had not calculated the amount of gold funds that are mainly converted into this virtual money.
On the other hand, McGlone presented a graph on his Twitter account to justify his prediction about the rise in the price of BTC. The graph was accompanied by text: ” Business trends and declining supply of cryptocurrencies in the face of widespread adoption suggest significant progress in 2021. ”
Despite the bad news that Bitcoin is accumulating, such as its ban in China, the most famous cryptocurrency in the market remains at a high price so everything indicates that McGlone could be right. According to CoinMarketCap, at the time of this writing the price of BTC is $ 44,976.90.
A Bitcoin ETF?
For some time now, the US Securities and Exchange Commission has been evaluating the possibility of approving an Exchange Trade Funds (ETF) , that is, a listed investment fund for BTC.
According to bit2me academy , this would mean that whoever invests in the ETF would make money with the rise in cryptocurrency prices and would lose if it fell, but in no case would they buy Bitcoins.
This measure is intended to be implemented with the intention of attracting more investors, even those who fear betting on virtual currencies because of their volatility. However, this idea is not entirely correct.
If this were to happen, experts explain that the price of bitcoin could grow and reach that $ 100,000 with ease. However, they also comment that just the opposite could happen with the entry of speculators that would cause the value of BTC to decrease.