• Cryptocurrencies on the rise again
• Expert Mike McGlone optimistic about Bitcoin and Ether
• Bitcoin could become a digital reserve currency
Cryptocurrencies are in rally mode. Bitcoin was recently able to leave the mark of 51,000 US dollars behind – it rose at times to almost 51,800 US dollars on the CoinMarketCap platform, but then slipped again more significantly – the cyber currency currently costs around 46,000 US dollars. Things have been on the up since mid-June after the still most popular cryptocurrency had previously dropped to around 30,000 US dollars. Ether also climbed sharply last week and cost more than 4,000 US dollars at times, but Cyberdevise No. 2 is currently trending significantly below this mark again at 3,400 US dollars.
Bitcoin at $ 100,000, Ether at $ 5,000
Bloomberg chief analyst Mike McGlone sees Bitcoin, Ether & Co. “in a revived and refreshed bull market”, as he writes in his recently published forecast report “Crypto Outlook”. “We see Ethereum heading for $ 5,000 and $ 100,000 for Bitcoin. Portfolios with a combination of gold and bonds appear increasingly bare without Bitcoin and Ethereum in the mix, “the report said.
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“After the crypto market has weathered a painful correction, we see it as more likely that it will resume its uptrend than that it will fall below the lows of the second quarter. The question of what could stop Bitcoin and Ethereum from doing so in the second Reaching new highs in the first half of the year is a difficult question to answer. Increasing demand and acceptance contrast with shrinking supply, “the expert continues.
On the one hand, McGlone points out that the crypto market could only be “hype and speculation”, but it could just as well be “a revolution in money and finance” that is “still in the early stages of pricing”. “We tend towards the latter,” said the Bloomberg chief analyst. “We think it’s more likely that the price will just keep rising.”
In his report, McGlone is also convinced that Bitcoin is well on the way to becoming a reserve asset: “We expect a future in which Bitcoin, as a digital reserve currency, will complement the reserve currency of the US dollar”.
Finanzen.ch editorial team