Bloomberg’s Mike McGlone bets on Bitcoin price versus crude oil this decade
Bloomberg Chief Commodity Strategist Mike McGlone took to Twitter to share his views on the trajectory of the price of Crude Oil against that of Bitcoin, where the latter has been rising.
McGlone believes that Bitcoin is going to rise unlike crude oil thanks to three factors within this decade – adoption, supply and demand.
So far, he said the trajectory on the chart was unfavorable to crude oil and favorable to the flagship cryptocurrency also known as digital gold. He believes that there is a high probability that this is so.
Bitcoin adoption has been widely expanding recently, as more and more financial institutions and retail investors have been acquiring BTC to bet on it long-term.
Recently, leading investor and author of the book “Rich Dad, Poor Dad” Robert Kiyosaki tweeted that he remains optimistic about the future of BTC, however, he expects another bottom test for the asset.
Similar view has been shared by chief investment officer of Guggenheim Partners, Scott Minerd. He believes Bitcoin may go down as much as to test the $8,000 bottom from the current price. However, since, according to him, the majority of the 19,000 cryptocurrencies is “garbage” and “not even currencies”, such coins as Bitcoin and Ethereum may become survivors in the future.
