Bloomberge’s Chief Commodity Strategist, Mike McGlone regularly shares his thoughts on Twitter. In a recent publication, he explained and detailed his views on the trajectory of the price of crude oil. He compared this trajectory with that of bitcoin (BTC) and claimed that three factors will drive the development of bitcoin (BTC) in this decade.
The factors favorable to the growth of bitcoin
Adoption, supply and demand. These are the three elements that, according to Mike McGlone, will allow bitcoin (BTC) to have growth in the coming months. The professional thinks that “digital gold” could then be much more valuable than crude oil, whose price trajectory is likely to decrease. Mr. Mike also claimed that this situation could persist for a long time.
It must be said that the vision of the professional is not totally wrong. Indeed, the adoption of bitcoin (BTC) has entered new proportions in recent years. More and more institutions and individuals are buying BTC and making long-term bets on the digital asset.
BTC could drop as low as $8,000
What will be the future of BTC in the next few years? Although it is difficult to make fixed and definitive predictions, many people show themselves positive for the future. For example, Robert Kiyosaki, the author of ‘‘Rich dad, poor dad’ wrote on Twitter that he remains optimistic about the future of cryptocurrency. However, he indicated that he expects it to hit a new low.
Guggenheim Partners Chief Investment Officer Scott Minerd has a similar view to Robert Kiyosaki. He estimates that BTC could go down to the value of $8,000 before resuming an uptrend. On the other hand, he gave his view on other cryptocurrencies stating that the majority of the 19,000 digital assets in the market are “garbage and aren’t even currencies like bitcoin (BTC) and ether (ETH)”. On the other hand, the latter (BTC and ETH) could become “the currency of the future”, he concluded.
Investing in cryptocurrencies can prove beneficial, especially when digital assets rise in value. In the case of bitcoin (BTC), analysts believe that growth will be there in the coming months and years to come. However, this concept is not adopted by everyone. Some think it will still take time.
Source : U.Today
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.