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Mike McGlone, the senior macro strategist for Bloomberg Intelligence, shared his prediction on Twitter about upcoming price changes on Bitcoin. Earlier, he predicted that Bitcoin could beat commodities in the next 10 years. Mike believes that “Bitcoin will regain upper hand over Tesla.”
“Next year may be about how much lower global economies fall. Risk vs reward appears to argue against under allocating or estimating the propensity for Bitcoin to continue its trajectory toward becoming digital collateral,” as per a screenshot that he shared on Twitter.
As per the price chart, 2020 and 2021 are the profit years in Bitcoin trading, peaking at around $69,000. If the Federal Reserve focuses on making monetary easing and to stop its rate hikes, it will help Bitcoin “resume outperforming.”
On December 19, McGlone tweeted, “Bitcoin has the chance to rise vs Tesla.” He said that since February, the largest cryptocurrency Bitcoin, and big e-car giant Tesla had lost nearly $500 billion in their market capitalization.
“The Crypto Looks to Regain Upper Hand Over Tesla — The near certainty of declining #Bitcoin supply vs. the rising amount of #Tesla shares outstanding favors outperformance by the crypto, if the rules of economics apply.”
As per Singapore-based blockchain firm Triple-A, the global crypto ownership rate is around 4.2%, with nearly 320 million crypto users worldwide.
As per CoinMarketCap, crypto markets are trading with reasonable growth rates despite an imminent global recession following the Federal Reserve interest rates. Bitcoin was trading at $16,868 at press time, down by 5.38% in a week. The second largest crypto asset Ethereum regained $1,215 and topped the gainers with 2%.
“Ethereum’s advances vs Bitcoin have been shaken by 2022 deflation in most risk assets and may be gaining underpinnings. Annual volatility in Ethereum is about 1.3x that of Bitcoin,” McGlone shared in a report on Twitter.
As per Willy Woo’s popular on-chain analyst October survey, the largest cryptocurrency by market capitalization took half a year to get 1000 users and five years to reach 1 million users. Currently, Bitcoin has more than 300 million users, nearly 4% of the world’s total population. At the present growth rate, Bitcoin might hit 1 billion users in the next three years, or approximately 12% of the world’s total population.
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