In the newsletter, McGlone highlights the potential of Bitcoin. He notes that the $ 100,000 mark for the flagship among cryptocurrencies is still quite conservative. “Based on its history, a conclusion for BTC in 2021 is that the price increase through May 24 is a round mistake,” McGlone said. “The halving in 2020 came amid unprecedented global fiscal and monetary stimulus, along with institutions tipping toward bitcoin allocations.“
Further, he stressed the possibilities that BTC could become an important value reserve for the financial markets as a whole. Bitcoin has undoubtedly shown tremendous promise in its ability to be a store of value for individuals and institutions alike.
Commenting on this, the Bloomberg analyst said: “The chance that the cryptocurrency will become a digital reserve asset and maintain the price it has taken over most of the last decade is increasingly outweighing the loss of a small portion of a portfolio.“
The newsletter quoted that the asset’s correction in April was due to excessive energy consumption, and this shows the strength of Bitcoin, which is the world’s largest decentralized network.