In line with a recent analysis report by Bloomberg’s analyst Mike McGlone revealed that the worth of Bitcoin [BTC] could either be heading to the $500k benchmark, or it could fall to zero. McGlone has continued to reiterate that in his view, Bitcoin is about to become digital gold. He emphasized on how Bitcoin’s limited supply and increasing demand were key adoption indicators, & drew comparisons to the 2017 bullish run:
“Much of the broad cryptocurrency asset market echoes 2017’s excesses, but the foundation is firming due to expanding DEXs and DeFi. Limited supply vs. increasing demand is the bottom-line for Bitcoin [BTC], with macroeconomic underpinnings that support its march toward the market capitalization of gold, at a price of $500k by some estimates. Or it could fail.”
The estimates that the analyst refers to are likely supported assumptions that Bitcoin’s market capitalization will eventually reach parity with gold’s $9 trillion. Dividing that number by the utmost supply of Bitcoin of 21 Mln produces $428,571 USD. An identical sentiment was recently voiced by The Morgan Creek Digital co-founder Anthony Pompliano.
Zero to 500k offer a reasonably good margin of error, unlikely Bloomberg is going to be proven wrong anytime soon.