The Torch Bearer of crypto’s – Bitcoin.
Cryptocurrency is the revolution that is trending all around the world today. The currency which took off in 2010 has certainly reached a stage from where it can take off to sky. Out of the different cryptocurrencies present in the world, Bitcoin happens to be the top most preferred sought out cryptocurrency in the world. Even the market crash which occurred on 12th of May, saw the value of Bitcoin drop by 50%. The drop looks significant but, in comparison to other cryptocurrencies, which lost at least 65 to 70% of value, the loss of bitcoin’s value seems less. Many Crypto experts predict that, Bitcoin is the Torch Bearer of cryptocurrencies and is expected to outperform other assets and make a big leap in terms of value.
Mike McGlone’s prediction about bitcoin.
According to McGlone, Bitcoin has not reached its peak. He predicts that, bitcoin will go up to $100,000 by 2025. He feels the reversion is just getting started. He believes that, current market reflects the most significant inflation in 40 years, the first in most people’s lifetime. Anyhow, he feels that this period will fade away and bitcoin will soar back and return back to become the best digital asset of the world, if it already isn’t.
The Adoption of Bitcoin in future.
McGlone argues that, bitcoin which is trading at a low value now will surely rise up and reach its peak. He based his argument by stating that the total market cap of bitcoin as on date is 1% and it was only 0.01%, 10 years ago and was lower than that few years before that. He also went on to make the statement that, bitcoin is the digital gold, in a world where each and every sector is turning digital.
Bitcoin is one of the toughest cryptocurrencies to mine and decode. As the demand of cryptocurrency increases, the supply will start decreasing. The supply will also be affected due to its difficulty in cracking the code.
Volatile nature of Bitcoin.
Yes, it is true that all the cryptocurrencies in the world trading across crypto exchanges are volatile and their value cannot remain constant. But, McGlone came up with an argument in support of bitcoin, stating that, 260 days volatility in Bitcoin is almost the same as Tesla’s and the same as Amazon was in 2009. He also feels that bitcoin is nearing the end of its transition period and will move to the next level and will become a risk-off asset that can be safely used as an inflation hedge.