Bloomberg Strategist on Bitcoin and Ethereum: “I Only See Growing Adoption and Demand”

Bloomberg commodities expert Mike McGlone reveals in a new interview that he sees the adoption and demand for both Bitcoin and Ethereum only increasing. Ultimately, according to McGlone, this should lead to new price increases.

Adam Smith’s Simple Rule

In conversation with Scott Melker of the “Wolf of All Streets” podcast, McGlone cites Adam Smith’s economic theory. “Prices will go up over time unless something fundamental changes that makes the trajectory negative,” McGlone said. However, the Bloomberg analyst is convinced that crypto adoption and demand will only continue to increase.

Furthermore, he adds that both Bitcoin and Ethereum are still in their infancy. “Less than 1 percent of global wealth is in crypto,” McGlone continues. A big advantage of Bitcoin and Ethereum, according to McGlone, is that it hardly costs money to keep them.

Compared to gold, you don’t have to rent a safe or anything like that for Bitcoin and Ethereum. After all, it does not take up space, because it is digital scarcity. It also costs a lot less money to sell it on the other side of the world.

Ethereum in the lead

At the moment, McGlone observes that Ethereum is winning within the crypto market. At least, it is gaining ground on Bitcoin, as it is of course still a long way from first place in the market. Bitcoin has been on the throne since the dawn of time and still has a market cap twice that of Ethereum.

In the long term, it remains to be seen to what extent the new Proof-of-Stake consensus mechanism is resilient to government intervention. After all, a large part of the blocks are produced by centralized parties, who always listen to the government when necessary.

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Ethereum may currently outperform Bitcoin. But Bitcoin has already proven itself and is a certainty. We can’t say that about today’s Ethereum. It really needs a few more years of development for that.

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