Mike McGlone is Bloomberg’s Senior Commodities Analyst Intelligence. Recently, the strategist produced an analysis on the Ethereum network. He explained how the second largest blockchain by market capitalization is revolutionizing Fintech. He also made predictions regarding Ether prices in the future.
Ethereum would have everything to chain the rally phases!
During a recent interview, Bloomberg Intelligence strategist Mike McGlone praised of the Ethereum blockchain. He said that the network is performing very well and that the demand as well as the price of ETH could increase.
Mike McGlone also affirmed that as the leading smart contract network, Ethereum will revolutionize financial technology. In this context, he predicted several rises for ether (ETH). He added that blockchain is about to become the guarantee of the internet considerably reducing its energy consumption.
The Bloomberg Intelligence strategist then explained: “The key thing about Ethereum is that it makes possible the most traded cryptocurrencies on the planet which are tokenized versions of the dollar. In fact, the dollar is the most traded cryptocurrency. It trades more than ether and bitcoin combined. And that’s because ETH tokens make it possible.“.
Could Ether (ETH) Overtake Bitcoin (BTC)?
Mike McGlone believes that the value of ether will eventually increase relative to that of BTC, with supply shrinking and demand growing. “The trend of Ethereum outperforming Bitcoin remains intact. So ETH has been hovering around good support at $1000 and good resistance at around $2000, but what it did this year was somewhat groundbreaking.“, explains the strategist.
McGlone recalls that the blockchain has moved to Proof-of-Stake (PoS). He specifies that this allows him to consume practically no energy while facing an energy crisis. He concludes by stating:The supply is clearly falling […]and demand and adoption is clearly heading up, so I see it as, unless something changes in those trends, the price has to go up over time“.
According to Bloomberg Intelligence strategist Mike McGlone, ether (ETH) is expected to rally and continue to outperform bitcoin (BTC). McGlone added that ETH “migrates to mainstream with maturation“.
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