Bloomberg talks about bitcoin entering an unstoppable maturation phase and says the price should continue to rise

Bloomberg Intelligence’s senior commodity strategist believes bitcoin “could enter an inexorable phase of its migration to the mainstream“. In addition, crypto-currency could also “enter a phase of unstoppable maturation“, added the strategist, who expects the price of bitcoin to continue to rise over time.

The “unstoppable maturation phase” of bitcoin

Mike McGlone, senior commodity economist at Bloomberg Intelligence, offered his outlook for bitcoin this week. Citing growing demand, increased adoption and regulation, he tweeted Wednesday:

Bitcoin may be entering an inexorable phase of its migration to the mainstream, and at a relatively low price.

In another tweet, he noted the decline in bitcoin supply, adding, “The definable declining supply of bitcoin is unprecedented on a global scale, so prices should continue to rise over time unless something unlikely reverses the demand and adoption trends, given the laws of supply and demand.

He also tweeted:

Bitcoin could be entering an unstoppable maturation phase.

The strategist elaborated:”The fact that bitcoin did not exist in October 2007, when WTI crude oil first reached its current level of $84 per barrel, may indicate the appreciation advantage of the nascent technology.

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In a rapidly digitizing world, the crypto benchmark is gaining value as a unique alternative asset and global collateral that is nobody’s responsibility“, Mike McGlone continues.

It makes sense that one of the best-performing assets of the past decade would fall with the most aggressive Fed tightening in about 40 years, but rising demand and adoption, falling supply, and a steep relative price discount indicate that the risk/reward is tilting favorably“, opined the Bloomberg Intelligence economist, concluding:

A return to its propensity to outperform most assets may be only a matter of time as mainstream adoption progresses and adaptive changes in U.S. accounting standards give it a boost.

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