.mikemcglone11 remains bullish on Bitcoin
, chief commodity strategist at Bloomberg Intelligence, claims that the Bitcoin price should continue to rise over time without providing a specific timeframe.
McGlone calls Bitcoin’s definable diminishing supply “unprecedented” on a global scale simply due to the laws of supply and demand. He notes the lack of supply elasticity is the main factor that differentiates Bitcoin from other popular commodities. However, the analyst doesn’t rule out that a black swan event could throw a wrench in the works for bulls. In such a case, demand and adoption trends would be reversed, but such a scenario is “unlikely,” according to the analyst.
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