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According to comparison data, Bitcoin, the cryptocurrency with the highest market value, rose above $11,000 on Wednesday night.
Mike McGlone, a senior strategist at Bloomberg, believes that the limited supply of Bitcoin and more and more applications will make the cryptocurrency continue to appreciate.
He said in an interview with Cointelegraph, “I don’t see anything that can stop it from what it has been doing for the past ten years. The price of Bitcoin continues to rise.”
He believes that a fixed supply is the main feature of Bitcoin, which may make it a better store of value than gold, because the total supply of gold is not yet known.
McGlone believes that the fixed supply and the increase in demand for Bitcoin will inevitably continue to rise in price. He pointed out that the growing number of active Bitcoin addresses and the increasing flow of Bitcoin into regulated exchanges are the two main factors that prove the growing demand for Bitcoin.
He also emphasized that compared with the Nasdaq index, the volatility of bitcoin prices is declining, which shows that bitcoin as an asset class is maturing.
For some investors’ aggressive price predictions, such as predicting that the price of Bitcoin will exceed $100,000 within a year, McGlone is skeptical. According to him, Bitcoin is now too mature for such a large-scale rebound in such a short period of time.
He mentioned, “Bitcoin has risen tenfold? Maybe it will happen in ten years.”
McGlone is a staunch supporter of Bitcoin. According to a report by “Beijing”, he stated earlier this year that Bitcoin is transitioning to digital gold, and the stable price of the cryptocurrency should be six times the price per ounce.