As stated in a September cryptocurrency prediction study issued by Mike McGlone, senior commodity analyst at Bloomberg, “bulls are in charge” and that Bitcoin is on track to reach $100,000, while Ethereum is on track to reach $5,000.
Bitcoin and the broader cryptocurrency industry have always piqued Mike McGlone’s interest, and this has continued throughout his career. He predicted that Bitcoin will reach $100,000 and Ethereum would reach $4,000 by the beginning of August.
Since then, he has amended his claim, most recently by producing a paper verifying the Bitcoin forecast and boosting the Ethereum prediction to $5000, which was published one month ago. “A money and finance transformation in its early stages,” according to McGlone’s analysis, rather than “hype and speculation,” is the driving force behind the crypto-boom.
McGlone refers to Bitcoin as a “value storage,” whereas Ethereum is referred to be a “building block DeFi.”
The Bloomberg expert appears to be considerably more optimistic about Ethereum than he is about Bitcoin. It relates to the recent network upgrade, which assisted in decreasing supply and driving up the distortion, primarily in the case of Ethereum-based NFTs, as well as other cryptocurrencies.
A further good topic for Ethereum is DeFi, as McGlone discussed the possibility of a future “DeFi revolution” and how the United States’ infrastructure bill on encryption has completely overlooked this possibility.
“The revolution that crypto assets are unleashing in increasing the living standards of the world’s unbanked, as well as the disruptive free-market capitalism of the digital asset industries, has gone unnoticed in recent legislative battles in the United States.”
McGlone referred to the NGU phenomena (number goes up). This was originally intended to describe the limited supply of Bitcoin, but according to the analyst, it now more accurately portrays the future trajectory of Ethereum, which is expected to result in the “flippage” of Bitcoin by the end of 2022, rather than the limited quantity of Bitcoin.
In comparison to Ethereum, McGlone believes that Bitcoin, the world’s most popular cryptocurrency, is on its way to becoming a worldwide reserve asset shortly. As a result of the wide width of the network, it is neither controlled nor demolished, which results in no single failure, as he refers to it as “no-liability one’s or project.”
This is most likely a reference to how it is neither managed nor disassembled. According to the findings, there may even be a “realignment” in which Bitcoin coexists alongside the dollar:
“We may imagine a future in which Bitcoin, the digital reserve asset, would overtake the dollar as the world’s reserve currency,” the authors write. “