Bloomberg Analyst: Government May Ban Bitcoin – Somag News

A big warning about Bitcoin came from Bloomberg analyst Mike McGlone. According to McGlone, Bitcoin can be banned by the state.

Famous Bloomberg analyst Mike McGlone commented on Bitcoin in an interview with David Lin of Kitco. McGlone stated that he does not ignore the risk of Bitcoin becoming a failed cryptocurrency. For this reason, Bitcoin is also a risky asset from gold for the analyst. McGlone said Bitcoin is a new technology and has the potential to always fail. He stated the following on the subject:

“We know that Bitcoin is a new technology. It may fail. I don’t know what can be said when technology and regulations are considered. It can be banned or tried to be taken under control. ”

Analyst said $ 100,000 could be for Bitcoin

Lin asked Mike McGlone’s prediction that Bitcoin will be $ 100,000 by 2025. McGlone commented on the Bitcoin price:

“The most important thing Bitcoin has done since climbing first to $ 100, then to $ 1,000 and finally to $ 10,000, which really has been the consolidation price for the last three years, has been just adding zero to the end of the price.
Drawing attention to the correlation between Bitcoin and gold this year, McGlone said that Bitcoin is digital gold and added:

“Bitcoin is following gold. Gold has just made highs, but the macroeconomic environment is pretty important in my opinion: factors like unprecedented GDP rates, quantitative easing, negative rates make assets like gold and Bitcoin attractive.

Tether will come after Bitcoin

According to the news reported in U.Today, among the questions asked by Lin to the analyst are CBDCs and other cryptocurrencies. McGlone said he first believes that digital central bank coins will cause Bitcoin to become more in demand, and that Bitcoin is the gold of CBDCs. However, he finally expressed once again that he was confident that Tether would take the throne of Ethereum and that he believed Tether would come after Bitcoin.