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Commodity Analyst: 'I Don't See What's Going to Stop Bitcoin From Appreciating'

 


Senior strategist at Bloomberg Intelligence says he doesn't see what will stop Bitcoin's growth. He explains that as bitcoin matures, it will trade more like gold than stocks. The strategist also shares his opinion on how the November presidential election could affect the price of bitcoin.

Bitcoin will continue to value
Bloomberg Intelligence's senior commodity strategist Mike McGlone told Kitco News on Thursday that he doesn't see what will stop the rise in bitcoin's value. Discussing the outlook for the stock market, gold market and cryptocurrencies, he said:

The key point about Bitcoin is that I don't see what could stop him from doing what he has been doing for most of his life, which is very gratifying.

McGlone noted that the bitcoin price "has a history of adding zeros" ranging from $ 100 to $ 1,000 and then up to $ 10,000. He noted that the price of the cryptocurrency has been consolidating over the past three years.

The strategist believes that as bitcoins mature, it will trade more like gold, which is a store of value, rather than stocks, which are risky assets. He noted that Bitcoin and gold have a close relationship with each other this year, which he believes will continue. He also said that the same macroeconomic forces pushing gold upward could also affect the price of bitcoin.


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