Mike McGlone: Bitcoin Could Reach $ 100,000 within Five Years

In the monthly issue of the digest on the cryptocurrency market, Bloomberg analyst Mike McGlone said that within 5 years the Bitcoin rate could exceed $ 100,000.

Judging by the document, the logic of the analyst is extremely simple - the Bitcoin rate on long-term charts is constantly growing. In 2011, BTC was worth about $ 10, in 2013, it reached $ 1,000, and it took four years to conquer the $ 10,000 mark in 2017. That is, the growth rate on a logarithmic scale is slowing down and it will take eight years, not four, to conquer the next mark. Considering that three years have already passed, BTC will reach $ 100,000 by 2025.

In addition, Mike McGlone expects BTC to reach $ 14,000 by the end of 2020, which is the highest Bitcoin price in 2019. In favor of his opinion, the analyst cites the increasing adoption of Bitcoin. Grayscale's Bitcoin Trust has exceeded 500,000 BTC, which speaks to the popularity of the first cryptocurrency among institutional investors. 

"A year ago there were less than half of the current volume. GBTC has become the largest exchange-traded product for Bitcoin and in the third quarter of this year, about 70% of mined Bitcoins to this trust," 

McGlone emphasized.

Recall that on October 1, the US Commodity Futures Trading Commission (CFTC) filed accusations against the management of the large cryptocurrency derivatives exchange BitMEX, which led to a drop in the Bitcoin rate below $ 10,500.However, at the time of publication of the news, the Bitcoin rate returned to $ 10,700.