Bloomberg senior analyst says Bitcoin is a global reserve asset and is heading towards $100,000

According to a new report from Bloomberg, digital assets led by Bitcoin and Ethereum are heading for new highs after a massive correction. Bloomberg senior commodity strategist Mike McGlone once again emphasized that Bitcoin is on the road to becoming a global reserve asset to supplement the U.S. dollar.
Bloomberg senior commodity strategist Mike McGlone is stepping up his pitch for Bitcoin (BTC) to hit six figures, arguing that the nascent cryptocurrency is on its way to becoming a global reserve asset to complement the U.S. dollar.
The September edition of Bloomberg’s Crypto Outlook called $100,000 BTC and $5,000 ether (ETH) the “levels of least resistance” after both assets experienced corrections of more than 50% over the summer.
“Crypto assets appear to be in a rejuvenated bull run, with the second half of the year starting at a huge discount to the previous highs, which is beneficial,” McGlone wrote, referring to the second half of 2021. He said that a portfolio lacking BTC or ETH exposure is “not prepared for any risk hedging,” as shown by the relative performance of gold and government bonds:
“Some portfolios of gold and bonds are increasingly unprotected without some Bitcoin and Ether positions. Declining macro risk is a major threat to the crypto bull market.”
While predictions of six-figure Bitcoin prices are not new, McGlone’s long-term prediction places BTC close to the center of the global financial system. “We believe Bitcoin represents the digital future,” McGlone said of the dollar, which has gained more than 300% against major peers since President Nixon removed the dollar’s ​​peg to gold in 1971. He further explained:
“We foresee a future for Bitcoin as a digital reserve asset that complements the U.S. dollar as a reserve currency.”
Bitcoin’s most ardent supporters have long argued that the cryptocurrency will eventually evolve into a global reserve asset. Their belief stems from its reputation as a superior monetary policy provider in an era when central banks have inflated the money supply, leading to wealth inequality and higher prices for goods, services and assets.
Bitcoin's value proposition has also been recognized in institutional circles, with JPMorgan Chase and BlackRock believing that Bitcoin is eroding gold's market share as a store of wealth.
Bitcoin prices surged toward $51,000 on Friday as the broader cryptocurrency market rebounded to a more than three-month high. The total market capitalization of all cryptocurrencies hit $2.4 trillion at Friday's high, compared with a low of around $1.2 trillion in mid-July. (Cointelegraph)