The chief commodity strategist at Bloomberg said that crypto markets appear poised for a 2022 rally, with Bitcoin and Ethereum poised to take charge. He also stated that altcoins like DOGE, SHIB, signal that the market is ripe for speculation.
Mike McGlone included BTC, DOGE, ETH in his Bloomberg report
In the December issue of Bloomberg’s cryptocurrency report, Mike McGlone says many money managers may have to get involved, given crypto’s relatively better performance than other asset classes. cryptocoin.com As we reported, McGlone, who previously knew 10,000, 12,000 and 50,000 dollars in Bitcoin, states that BTC may break the six-digit price level next year, partly after its rapid adoption from various economies and markets. McGlone’s statements are as follows:
Bitcoin appears to be on a $100,000 trajectory. Due to the economic fundamentals of increasing demand and dwindling supply, we see it more as a matter of time. There are plenty of examples of Bitcoin staying on course for mainstream adoption in 2022. US, Canadian and European exchange-traded funds and futures, the shift to the 60/40 mix, and the situation in El Salvador point to a globally adopted bull market.
The analyst says that crypto markets are driven by three main “valiant” components – Bitcoin, Ethereum, and stablecoins, which he calls the “crypto dollar.” According to McGlone, altcoins like Shiba Inu (SHIB) and Dogecoin (DOGE) show that crypto markets are ripe for speculation, but stablecoins backed by BTC, ETH and USD will continue to dominate. In the long run, the commodity strategist thinks Bitcoin could eventually settle somewhere around 100 times the price of an ounce of gold. This equates to approximately $178,300.
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