Bloomberg Strategist Says Ethereum Could Hinder Bitcoin’s Path to $100,000

Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, believes that the main factor holding back Bitcoin’s growth could be Ethereum. He said this in an interview with the YouTube channel The Deep Dive.

Post #BrettonWoods 2021 outlook interview —
What stops #Bitcoin from eventually joining most portfolios, notably #gold buckets held by central banks and getting to $100,000?https://t.co/H2Bs9kWm5Y

— Mike McGlone (@mikemcglone11) August 18, 2021

Earlier he repeatedly predicted that the price of digital gold would reach the $100,000 mark. But, according to the expert, the obstacle to growth could be the second-largest cryptocurrency’s entry into the mainstream.

People are beginning to understand that Ethereum is ‘the building block for all financial technologies, DeFi and infrastructure in a world that is becoming digital,’ McGlone noted.

As another major support for Ethereum’s price, the expert named non-fungible tokens (NFTs). Such assets are becoming extremely popular and are largely issued on the Ethereum blockchain.

McGlone described former Goldman Sachs hedge-fund head and Real Vision TV CEO Raoul Pal’s forecast of Ethereum rising to $20,000 as overblown. But the price will not fall below $2,000; rather, the analyst said, it is more likely to exceed $4,000.

In May, McGlone supported the JP Morgan analysts’ view that a correction in the crypto market could push institutional investors to move from Bitcoin to gold.