If staring at your crypto wallet makes you feel like you’re on a flight from London to Sydney (true story), listen to what Bloomberg’s Mike McGlone and Pantera Capital’s Dan Morehead said recently.
Because they might make you think twice about getting rid of them and starting the whole thing U.S. dollar While that.
Let’s start with respected senior commodity analyst at Bloomberg Intelligence, Mike McGlone, who was Talking to Kitco News.
McGlone told the news outlet that while he sees the current crypto winter potentially lasting longer than previous market dips, thanks to the Federal Reserve’s “hammer,” he expects the industry to come back stronger than ever.
For the analyst, this means that Bitcoin will reach $100,000 and Ethereum will reach $6,000 by 2025.
“For me, bitcoin is a matter of time before it hits $100,000,” McGlone said.
“The basic truth is that adoption and demand is increasing, unless you expect it to reverse. You will continue to appreciate; it is only a matter of time now.”
Meanwhile, patience is the name of the game, but McGlone expects to see an end to the US Federal Reserve’s rate hike by the end of the year, which he says It should stimulate higher bitcoin and gold prices.
“Most central banks in history raise interest rates as the world tilts toward a recession,” a Bloomberg analyst noted.
“Lower prices for commodities and risk assets may be the only way out of the deflationary effects, which would boost the price of gold and its digital version, Bitcoin.”
Moreover, Bitcoin and cryptocurrencies are expected to outperform other commodities in the coming year.
“It was a bad contract for commodities and an exceptionally good one for Bitcoin, and 2022 could prove the ever-stronger price cure favors crypto,” he said.
“With the Fed tightening near the end of the game, risk versus reward may be skewed toward resuming Bitcoin’s perpetual upward trajectory, particularly against most commodities.”
McGlone also appears confident that Bitcoin will outperform in the long run to become a “high beta of gold and US Treasuries.”
He added, “The bitcoin-to-gold ratio is around 10x, which was first reached in 2017. In a rapidly digitizing world, crypto-standard is a major competitor to ancient gold.”
Billions will use the blockchain, Pantera Capital CEO says
Meanwhile, Dan Morehead, Head of Institutional Asset Management Pantera Capital, believes that the race may be on the right track and that blockchain technology will be used by billions of people in the coming years.
In a recent interview with CNBC, Moorehead said he believes that cryptocurrencies will gain significant momentum in the near future due to the advantages of its cash network.
“The important thing to keep in mind is that cryptocurrency is a disruptive thing that will change a lot of aspects of our lives in the next decade,” Moorhead said.
“I can see a world a few years from now where risky assets are still struggling, but blockchain will return to all-time highs based on its own fundamentals.
“Hundreds of millions of people are using blockchain today, but I think in four to five years there will be literally billions of people, and if you have a billion people, they want to buy a fixed number of coins, so the prices will probably go up.”
DeFi, NFTs, and the metaverse should be ‘in your wallet’
Delivering a keynote address at the Token2049 conference in Singapore, which began today, Moorhead also highlighted the potential growth and value of decentralized finance (DFF).DeFi) In addition to the Web3 functions, NFTs And the metaverse Applications.
As I mentioned CointelegraphMoorhead believes these are the areas of crypto that promise the most investment, which she reportedly said:
“We’ve almost reached the point where half of the entire market is stuff that isn’t the two main blockchains and I’m still very optimistic about Bitcoin and Ethereum,” he added, “but I just think these projects will do better and should be in someone’s wallet.”
This content first appeared on stockhead.com.au
Get the latest Stockhead news delivered for free to your inbox. click here
#Bitcoin #Matter #Time #Bloomberg #Expert