Mike McGlone, senior commodity strategist at Bloomberg Intelligence, voiced his thoughts on Bitcoin (BTC) today. According to the analyst, Bitcoin will be positively affected by the movement in stock and bond prices.
Pointing out that institutional demand is very important for the future of crypto money, the analyst stated that as the investment activities of large companies such as MicroStrategy increase, the potential rise of the leading crypto currency will begin.
Mike McGlone, who recently made a statement about how Bitcoin and the stock market relate to each other, defined Bitcoin as the primary beneficiary of stock and bond prices due to its limited supply.
“Bitcoin is a fixed-supply asset that, in our view, should be the primary beneficiary at a time when the limited potential in stock and bond prices is further increased.”
Jason Deane, an analyst at Quantum Economics, said McGlone’s announcement was extremely valuable. Because the total supply of Bitcoin is always known, future predictions can be calculated using exact figures and only looking at the demand to affect the price and value of the crypto asset.
Institutions Started to Invest in Bitcoin
As McGlone suggested in his tweet, big corporate players should be followed very carefully. The positions the big players have taken can tell a lot about Bitcoin’s price outlook. For example, in 2013, MicroStrategy CEO Michael Saylor said that the days of Bitcoin are numbered. But seven years later, the international investment giant adopted Bitcoin as an asset worth investing in and invested $ 425 million in Bitcoin.
The famous CEO who changed his statements 7 years ago completely defines Bitcoin as digital gold and as more powerful, faster and smarter than all coins. Among other advantages, Bitcoin is being touted as interesting due to its brand awareness, ecosystem vitality and network dominance.
Bitcoin and collective cryptocurrency market started to be adopted more by countries and institutional investors every day. For example, in the United States, after the banks were given the authority to store cryptocurrencies, the regulatory and supervisory authority was also given the opportunity to hold reserves in banks for stablecoins.