Mike McGlone is known for his positive predictions about Bitcoin. Last month he stated that cryptomoeda is on track to be worth $100,000 by 2025.
Mike McGlone, senior analyst at Bloomberg Intelligence, Bloomberg’s research arm, said he believes the next major resistance Bitcoin will face will be when it comes close to a $1 trillion market capitalization.
On Twitter, McGlone revealed that reaching its historic high of close to $20,000 is just one barrier in the way of cryptomeda to have a $1 trillion capitalization. Currently, with the price of Bitcoin at $ 16.670 ($ 91.100), its capitalization is $ 300 billion.
According to the analyst, bitcoin appears to be in an early phase of price discovery, and may only continue to rise in 2021 as mainstream adoption continues to grow.
$20,000 #Bitcoin Is Primary Hurdle Toward $1 Trillion Market Cap
The digital version of #gold but with more-limited supply and a history of adding zeros, appears to be in an early price-discovery stage and may simply continue its ascent in 2021. Mainstream adoption is rising… pic.twitter.com/m4JSt5G09N
– Mike McGlone (@mikemcglone11) November 16, 2020
The reference to the increased adoption of Bitcoin may be related to recent investments of companies listed on the US stock exchange in cryptomeda. MicroStrategy bought 21,545 Bitcoins for about R$ 1.3 billion, before investing an additional R$ 1 billion in cryptomoeda.
Square, the company also CEO and co-founder of Twitter, Jack Dorsey, then invested $ 270 million in Bitcoin after having already financially helped developers work full-time in digital currency.
In total, 15 publicly traded companies have adopted Bitcoin as a value reserve, including Galaxy Digital Holdings, Riot Blockchain, Digital X, Argo Blockchain, and FRO Corp. Private companies such as Block.one, Stone Ridge Holdings, and Tezos Foundation have also adopted Cryptomoeda.
In addition, PayPal, a fintech giant with over 300 million users worldwide, has entered the cryptomoeda market this year by allowing its customers to buy, sell, and store bitcoin and other cryptomoedas on the platform. For now only PayPal customers in the United States have access to cryptomaches through their platform, but in the first half of 2021 the option will expand to some markets around the world.
The adoption of the main cryptomoeda is growing among institutional investors, who see cryptomoeda as a shelter to current market conditions inflated by flexibilization and threatened by the devaluation of the dollar.
With recent news from Pfizer and Modern about the development of a vaccine for COVID-19 with more than 90% and 95% efficacy, the stock market has skyrocketed, while the gold began to retreat. Bitcoin consolidated its position above R$ 90,000 and went up again.
#Bitcoin has decoupled from Gold. While the yellow metal has dropped after Moderna vaccine news, digital Gold (Bitcoin) continues to move higher. pic.twitter.com/PDUrowBpTb
– Holger Zschaepitz (@Schuldensuehner) November 16, 2020
Mike McGlone, mind you, is known for his positive predictions about Bitcoin. Last month he stated that cryptomoeda is on its way to being worth US$ 100,000 by 2025.