Despite all the negativity surrounding the entirety of the investing world — not just crypto — Bloomberg Intelligence is still quite bullish on this crazy thing we call Bitcoin.  Covered: Bloomberg Intelligence: Mike McGlone Says Bitcoin To 100k Frances Coppola’s Disagrees Bloomberg Intelligence: Mike McGlone Says Bitcoin To 100k Everyone it seems is feeling nervous about […] The post Bloomberg: Mike McGlone Says Bitcoin Trending Toward 100k appeared first on CryptosRus.

Bloomberg: Mike McGlone Says Bitcoin Trending Toward 100k

Despite all the negativity surrounding the entirety of the investing world — not just crypto — Bloomberg Intelligence is still quite bullish on this crazy thing we call Bitcoin. 

Covered:

  • Bloomberg Intelligence: Mike McGlone Says Bitcoin To 100k
  • Frances Coppola’s Disagrees

Bloomberg Intelligence: Mike McGlone Says Bitcoin To 100k

Everyone it seems is feeling nervous about Bitcoin right now, except for Mike McGlone of Bloomberg Intelligence. Today, via Twitter he posted a chart showing how he thinks Bitcoin is back on its way to 100k.

“By the rules of economics,” McGlone said, “a market with rising demand and declining supply will go up over time, suggesting that Bitcoin may be forming a bottom again around $30,000 as $60,000 resistance ages.

McGlone’s argument is the classic declining supply argument. And more than ever there might be something to it. After all, most of FAANG is finding its way into crypto, and same with BlackRock. Meaning, there should be continuing buy pressure.

Beyond that, McGlone also points to the current range Bitcoin finds itself in (36k) is a likely bottom, considering the supply and demand side of things.

Recommended: Bitcoin: Keep Calm And HODL On, Says Technical Analyst

Frances Coppola Disagrees

Economist Frances Coppola — not to be confused with Francis Coppola — decided to chime in.

“Mike, you’re better than this. Bitcoin’s supply is not declining. It increases every time a block is mined,” Coppola Tweeted at McGlone. As of press time, McGlone has yet to respond back to Coppolla.

Copolla isn’t completely wrong. But as some random on Twitter pointed out, there’s some nuance here: “Decreasing inflation would be better wording. Still, as long as demand outpaces the new issuance, number will go up.”

Recommended: Bloomberg Analyst Argues China’s Crypto Ban May Mark Economic Plateau

 

 

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