McGlone argued that the crypto winter could last longer than expected and the reason for that is “Fed’s sledgehammer.” Over the next few years, however, he expects the industry to emerge stronger than ever, with Bitcoin hitting $100,000 and Ethereum at $6,000 by 2025.
As for “The Merge,” he claimed that this event was “too hyped,” which is currently causing short-term pain for investors. He predicted that Ethereum’s greener focus will drive more adoption among institutions, which will aid the protocol’s growth in the coming years.
BTC AND ETH TO REACH IMPORTANT MILESTONES IN THREE YEARS
In a recent interview for Kitco News, McGlone reiterated his view about bitcoin climbing to the $100,000 mark. However, due to the “macroeconomic global winter,” an asset’s appreciation could take up to three years:
“Bitcoin to me, it’s a matter of time before it gets to $100,000. The key fact is that adoption and demand are increasing unless you expect that to reverse, which I don’t think. It will continue to appreciate; it’s just a matter of time right now.”
Speaking of Ethereum, Bloomberg strategist described it as a “different animal,” expecting its price to rise to $6,000 by 2025.
McGlone sees the spike of cryptocurrency in the future as “the fastest horse in the race.” In the strategist’s view, which asset class has a “rapidly advancing technology advantage,” will be able to go through the bear market.
Similar to the Dot-com bubble of the early 2000s, the current crypto winter will wipe off some projects. However, the meaning of surviving the turbulence will play a vital role in the future of finance.
SPECIAL NOTE ON “THE MERGE”
Ethereum’s long-awaited transition from to Proof-of-Stake finally happened last week. As some predicted, the great hype surrounding this process created a “sell the news” event and the ETH price dropped significantly.
McGlone is also among those who think that the transition receives too much publicity that negatively affects the token’s valuation in the short term:
“I think the big picture about Ethereum is it’s revolutionizing finance like futures and ETFs, but right now we get through this Merge, and now we have to worry about potential bumps in the road, which we all know happens with this kind of technology.”
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