Bloomberg’s Mike McGlone: Bitcoin and Ethereum Remain In Early Adoption Days

Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has recently aired his opinion in relation to the continued growth in adoption of the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).

According to McGlone in a tweet on 29th January 2022, Bitcoin and Ethereum are still in their early adoption days. Due to supply-demand dynamics, the strategist expects the two cryptocurrencies to keep appreciating.

Read Also: Altcoin Daily: Despite Crypto Market Downturn, Ethereum Continues to Grow In Adoption

Mike McGlone tweeted, “Bitcoin and Ethereum remain in early adoption days, with increasing demand vs. declining supply and related price implications. Our bias is why complicate it — unless something unlikely reverses the proliferation of the nascent technology, prices should rise over time.”

Read Also: Bloomberg’s Mike McGlone: Bitcoin and Ethereum Look Poised for a Bullish 2022

McGlone Doubles Down On $100,000 and $5,000 for Bitcoin and Ethereum

Earlier this month, the Bloomberg strategist doubled down on his prediction for Bitcoin and Ethereum to hit $100,000 and $5,000 respectively by the end of 2022.

Likewise in December 2021, the analyst predicted that Bitcoin would outperform the United States stock market. He also expects Solana (SOL) and Binance Coin (BNB) to remain with Bitcoin, Ethereum, and Tether in the list of the market top five.

Read Also: Ethereum Beats Visa In Terms Of Values Moved In 2021 ($11.6 Trillion and $10.4 Trillion Respectively)

In his research note published in early January, McGlone stated that $30,000 might become the new $3,000 level for the flagship crypto Bitcoin (BTC), referring to the massive crash of 2018 that brought the price of Bitcoin down from $20,000 to $3,000 level.

Back in September, he accurately predicted that a futures-based Bitcoin exchange-traded fund would be approved in October 2021.

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