A senior commodities analyst at Bloomberg’s analytics arm said that adoption and demand for bitcoin is on the rise.
Mike McGlone is convinced that every market signal indicates that the value of bitcoin is growing. The expert compared the current fall in cryptocurrency quotes with the fall of the NASDAQ index in 2002 and subsequent stable growth over a long period of time. The analyst argues that Bitcoin will benefit from a “new chapter in the economy” in which speculation is driven by more than just how much money the Federal Reserve System (Fed) is printing.
“The days when unsustainable companies could exist are over. Now, if a business doesn’t work, it goes under. And this is good, because now that the market has cleared up after a wave of bankruptcies, it is open to solid business,” said Mike McGlone.
Kraken CEO Jesse Powell has a similar opinion. In August, he stated that he remains optimistic about bitcoin. The head of Kraken still hopes to buy a Bugatti luxury car for 1 BTC.
Bank of America announced in April that a fall in the stock market could push bitcoin to the $100,000 mark. Analysts at the bank believe that against the backdrop of macroeconomic events, bitcoin is becoming an asset protection tool. According to a survey conducted by Paxos among regular buyers of physical gold, almost a third of respondents consider bitcoin as the best alternative to the precious metal.
