An analyst from Bloomberg Intelligence, Mike McGlone, has shared his analysis on the future of Bitcoin. He arrived at his speculations after carefully studying Bitcoin’s recent growth trajectory.
Bitcoin has become relatively stable after dropping to its $58,000 mark. Although future bullish cycles are expected to raise the price, for now, it fluctuates within a very close range.
McGlone’s analysis of Bitcoin gave lots of credit to its decentralized nature, free from any form of governmental control. He asserted that the top digital currency is a great option for investors looking for an investment devoid of inflation. The returns are quite high, and investment in Bitcoin remains extremely profitable.
The recent increase in Bitcoin’s visibility worldwide was also one of the things that helped Mike McGlone arrive at his conclusion. The market has been different ever since big investors like Tesla joined the crew. It only added to the size of Bitcoin’s market whales which will, in turn, push the market to a new high.
Also, more billionaire investors sharing their experiences has increased the global acceptance of Bitcoin as a brilliant investment.
Resistance from Governments and Governmental Agencies
The Indian Government, Nigerian Government and a host of many others are still adamant in their rejection of the top digital asset. While this has had both positive and negative effects on the market, it will be a hindrance to Bitcoin’s development.
Bitcoin may have surpassed previous reserves’ success like gold, but there remains a tendency for it to follow the same path.
In the mid 20th century, gold was put under regulatory measures, and it changed its market dynamics. With the whole clamor for regulating the Bitcoin market, the possibility of it actually happening is slim. This has raised concerns regarding the negative impact it will have on the market. Bitcoin’s unregulated nature is a major factor that has contributed to its success.
Many Governments seem to be interested in regulating the market. The Indian government points in that direction as that was one of the reasons for its ban in the country.
No doubt, Bitcoin has a long way to go. However, nothing can stop its growth as the market stands on a firm foundation. Some analysts have even predicted Bitcoin’s price rising to $400,000 in the coming month, referencing future bullish cycles. For now, we can watch Bitcoin as it grows, for surely, the tendency to become a global reserve asset is on the high side.