Bitcoin $47K if 2017 high is breached, Bloomberg Intelligence analyst says

Bitcoin $47K if 2017 high is breached, Bloomberg Intelligence analyst says
HeadlinesNewsBitcoin $47K if 2017 high is breached, Bloomberg Intelligence analyst says

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Bitcoin $47K if 2017 high is breached, Bloomberg Intelligence analyst says

Modern Consensus.4 months ago
Published on November 16, 2020 06:47 GMT+0edited on November 16, 2020 06:52 GMT+0

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A senior commodity strategist at Bloomberg Intelligence says a $1 trillion market cap for Bitcoin is in sight. The only thing standing in the way? Surpassing the current all-time high price of $20,089.

Mike McGlone, who has won admirers for his increasingly optimistic view on BTC, said the world’s biggest cryptocurrency “appears to be in an early price-discovery stage and may simply continue its ascent in 2021.”

So, if McGlone’s prophecy comes through, records are smashed and a $1 trillion market cap is reached by 2022, what would that mean for Bitcoin’s price? Well, this would result in a price of about $47,000 per coin—a 133% surge above the previous high.

McGlone likened Bitcoin to the...