Mike McGlone, leading commodity strategist, offers a reason why the flagship cryptocurrency still has the chance to reach the $100,000 price line by the end of the year, despite the current Bitcoin correction.
In his recent interview with Stansberry Research, McGlone admitted that he had underestimated one thing about crypto and gold. In particular: how many funds keep outflowing from gold and are being converted into Bitcoin and Ethereum.
For Bloomberg’s expert, this means that the two leading cryptocurrencies are taking over gold. Bitcoin is doing it in particular since it has a strictly limited supply of 21 million coins with less than three million left to mine versus gold with an unlimited supply.
