Over 10 years we help companies reach their financial and branding goals. Maxbizz is a values-driven consulting agency dedicated.

Gallery

Contact

+1-800-456-478-23

411 University St, Seattle

maxbizz@mail.com

Investment Strategist Discusses Bitcoin 'Entering Unstoppable Maturation Stage' — Says Price Should Continue to Rise – Markets and Prices Bitcoin News – Bitcoin News

by Kevin Helms
Bloomberg Intelligence’s senior commodity strategist says bitcoin “may be entering an inexorable phase of its migration into the mainstream.” In addition, the cryptocurrency may also “be entering unstoppable maturation stage,” the strategist added, expecting the price of bitcoin to continue to rise over time.
Bloomberg Intelligence’s senior commodity strategist Mike McGlone provided his outlook for bitcoin this week. Citing rising demand, increased adoption, and regulation, he tweeted Wednesday:
Bitcoin may be entering an inexorable phase of its migration into the mainstream, and at a relatively discounted price.
In another tweet, he noted the declining supply of bitcoin, adding: “Bitcoin’s definable diminishing supply is unprecedented on a global scale, and so prices should continue to rise over time unless something unlikely reverses demand and adoption trends, given the laws of supply and demand.”
He also tweeted:
Bitcoin may be entering unstoppable maturation stage.
The strategist elaborated: “The fact that Bitcoin didn’t exist in October 2007, when WTI crude oil rose to its current $84 a barrel for the first time, may indicate the appreciation advantage of the nascent technology.”
“In a world rapidly going digital, the benchmark crypto is gaining value as a unique alternative asset and global collateral that’s no one’s liability or responsibility,” McGlone continued.
“It makes sense for one of the best-performing assets of the past decade to drop with the most aggressive Federal Reserve tightening in about 40 years, but rising demand and adoption, declining supply and a steep relative price discount point to risk/reward leaning favorably,” the Bloomberg Intelligence strategist opined, concluding:
Returning to its propensity to outperform most assets may be a matter of time, as mainstream adoption progresses and adaptive changes in U.S. accounting standards give it a lift.
Do you agree with Mike McGlone? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments
Russia’s recently revised bill “On Digital Currency” limits crypto purchases for non-qualified investors while providing legal ground for some cryptocurrency payments, according to local media. The draft law, proposed by the Russian finance ministry, also introduces strict requirements for platforms … read more.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this … read more.

Check all the news here

source

Author

Joseph Muongi

Financial.co.ke was founded by Mr. Joseph Muongi Kamau. He holds a Master of Science in Finance, Bachelors of Science in Actuarial Science and a Certificate of proficiencty in insurance. He's also the lead financial consultant.