Mike McGlone, Bloomberg Intelligence’s senior commodity strategist, thinks Bitcoin is on its way to a $1 trillion market capitalization.
McGlone says on Twitter that mainstream adoption of BTC is rising and that $20,000 – Bitcoin’s all-time high – is the top obstacle on the way towards a trillion-dollar market cap.
$20,000 #Bitcoin Is Primary Hurdle Toward $1 Trillion Market Cap —
The digital version of #gold but with more-limited supply and a history of adding zeros, appears to be in an early price-discovery stage and may simply continue its ascent in 2021. Mainstream adoption is rising.. pic.twitter.com/m4JSt5G09N
— Mike McGlone (@mikemcglone11) November 16, 2020
A report published by Bloomberg and McGlone earlier this month predicts Bitcoin could be gearing up for a parabolic run next year.
The report cites a number of factors in support of BTC’s steep rise in valuation including favorable macroeconomics, Bitcoin’s dwindling supply and supply cap of 21 million coins, consistent Bitcoin purchases from institutional crypto asset manager Grayscale, and the timing of the most recent halving.
“Bitcoin in 2021 is about $10,000 support and $20,000 resistance. Bitcoin’s track record points to 2021 as potentially a year of rapid gains.
The years after halvings have been among the biggest gainers and, like 2017, 2021 will have a foundation of three years worth of base building. Bitcoin supply is constrained, unlike the broader crypto market, where unlimited coins limit price advances.”
Bitcoin is trading at $16,689.74 and its current market cap is nearly $310 billion at time of writing, according to CoinMarketCap.