2023-10-19 19:16:21

Bitcoin Price Should Continue to Rise, Bloomberg's Mike McGlone Says

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By Alex Dovbnya

In a recent tweet, Mike McGlone, chief commodity strategist at Bloomberg Intelligence, claims that the Bitcoin price should continue to rise over time without providing a specific timeframe.

McGlone calls Bitcoins definable diminishing supply unprecedented on a global scale simply due to the laws of supply and demand.

He notes the lack of supply elasticity is the main factor that differentiates Bitcoin from other popular commodities.

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However, the analyst doesnt rule out that a black swan event could throw a wrench in the works for bulls. In such a case, demand and adoption trends would be reversed, but such a scenario is unlikely, according to the analyst.

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