Mike McGlone, chief commodity strategist at Bloomberg Bitcoin He shared his comparisons on Twitter. As it is known, while the BTC price has decreased recently, the crude oil price has broken records.
“Bitcoin Price Will Rise Through Adoption, Supply and Demand”
McGlone believes that Bitcoin, unlike crude oil, will rise in the 2020s thanks to three factors: adoption, supply and demand.
The analyst has claimed that the trend in the charts so far has been negative for crude oil and positive for BTC, also known as digital gold. McGlone said it’s highly likely that this situation will continue to stay that way.
The adoption of Bitcoin has been widespread lately as more and more financial institutions and individual investors are buying BTC for long-term investment.
Recently, strong investor and author of “Rich Dad, Poor Dad” Robert Kiyosaki stated that he remains bullish on the future of BTC, but the world’s biggest cryptocurrency He said he expected it to test a new low.
A similar view was shared by Scott Minerd, chief investment officer of Guggenheim Partners. Minerd believes that BTC can test the bottom level of $ 8,000 with a decrease from its current price.
In addition, Minerd said that the vast majority of about 19,000 different cryptocurrencies were “garbage” and claimed that they were not even currencies. According to Minerd, in the future BTC and Ethereum Coins like this will survive.
*Not investment advice.