Bitcoin May Be Entering Unique Phase for 4Q Price Rise, Bloomberg’s Mike McGlone Says, Here’s Why
Bloomberg’s chief commodity strategist Mike Bloomberg has taken to Twitter to spread good news for the Bitcoin community again.
Bloomberg’s pro-Bitcoin strategist reckons that in the last quarter of 2021, the world’s flagship crypto may rise in price significantly, earlier voicing his forecast for $100,000.
“Rising US debt may help Bitcoin spike”
McGlone has tweeted that Bitcoin may be coming into a unique phase that may end in a price surge in the fourth quarter this year as the US debt is rising and tensions over a potential default are getting bigger. Bitcoin’s main virtue that the Bloomberg strategist names in the tweet is its limited supply of 21 million.
As for asset managers that avoid investing in Bitcoin, the debt-ceiling drama may turn against them, McGlone adds.
Relative to rising US debt and tensions over a potential default, #Bitcoin may be entering a unique phase for a 4Q price rise as markets gain trust in the coding that defines the crypto's supply. The debt-ceiling drama may work against managers that avoid allocations to Bitcoin. pic.twitter.com/Owgb0wfcSF— Mike McGlone (@mikemcglone11) October 11, 2021
Earlier this year, in September, McGlone claimed that Bitcoin was likely to make a significant price advance this year, fueled by its diminishing supply and spreading mainstream adoption.
This year, two business giants adopted Bitcoin – Tesla and Twitter. Tesla did so at the start of the year, however, in spring, Elon Musk chose to stop accepting BTC payments over the controversial issues to do with the carbon footprint of the mining. However, prior to beginning to accept BTC, Tesla announced that it had allocated a mind-blowing $1.3 billion to put Bitcoin onto its balance sheet.
As for Twitter, just recently, Jack Dorsey announced the trials of the feature that allows rewarding any user with Satoshis for their tweets.
China’s ban may prompt the US to embrace Bitcoin, McGlone believes
As reported by U.Today earler, Bloomberg chief expert on commodities McGlone opined that the recent cryptocurrency ban imposed by the Chinese government and its Central Bank (PBOC) might be actually beneficial for the USA.
In particular, the continuation of China’s anti-crypto policy may drive the US to embrace cryptocurrencies, he believes, giving them a friendly regulation. He has referred to the recent ban in China as a “new digital world order table setter”.
Besides, the tighter regulation is forcing multiple crypto companies to leave mainland China and either relocate to other jurisdictions or completely withdraw from the local market, dropping their Chinese customers.
More than 20 companies, including such giants as Huobi, Binance and Juhan Wu’s Matrixport exchange are among them.Source