In Bloomberg’s Crypto Outlook in October, Bloomberg commodities analyst Mike McGlone predicted that bitcoin would be more widely accepted, though not at a rapid pace. But even so, based on “historical growth data and demand and application measures,” he expected the price of bitcoin would reach $100,000 by 2025.
“Bitcoin is still in the aftermath of a rally in 2017, and we don’t know exactly what will push bitcoin prices to new highs, but demand and supply indicators remain positively correlated with prices,” he wrote.
He believes the price of bitcoin could reach $100,000 by 2025 if it can repeat its 2017 success and the cryptocurrency becomes more mature.
Bloomberg has been bullish on Bitcoin since its block reward halved in May, according to media reports.
Bloomberg sees 2020 as a key year in the transition of bitcoin to “digital gold”. The economic stimulus and quantitative easing in response to coVID-19 will drive up the price of Bitcoin, while the number of active addresses and fundamentals on the bitcoin network are also bullish, with current technical indicators pointing to a price of $15,000.
McGlone also previously said that the stable price of Bitcoin would be six times the price of gold per ounce.