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U.Today - Mike McGlone, senior commodity strategist at Bloomberg Intelligence, has shared his new take on the course crypto prices may take this year. Notably, the viewpoint he expressed this time is quite opposite to the ultra-bearish Bitcoin price outlook he shared several times earlier this year.
McGlone reverses his bearish $10,000 Bitcoin forecast
In his tweet, Bloomberg’s strategist talked about the new U.S. economic course set by President Donald Trump who. McGlone said that the president is “resetting the post WWII order most of the world running net export surpluses with the US.” Trump has been imposing high trade tariffs on former common U.S. trade partners, such as Canada, Mexico, China and the EU.Those countries are responding with similar measures. Mike McGlone believes that this means a new turn for risk assets, and particularly for cryptocurrencies that he believes to be highly speculative and volatile.
“Cryptocurrencies are likely to continue leading the way,” he stated. He also predicted a further rise of gold, which scored a new all-time high of $3,115 per ounce earlier this week: “Gold $3,000 an ounce resistance may be transitioning to support.”
Earlier this year, McGlone predicted that Bitcoin was likely to shed a zero from the $100,000 level reached in January and crash as low as $10,000 per coin, comparing BTC to the dot-com bubble that resulted in the burst of the Nasdaq tech index back in 2000.
He also pointed out that investors had begun to withdraw their funds from spot Bitcoin ETFs and push them into gold-backed exchange-traded funds.
Robert Kiyosaki says silver is "hottest investment today"
Robert Kiyosaki, a renowned investor and the author of the popular book on finance management “Rich Dad Poor Dad,” addressed his X followers today, talking about an asset that he believes to be very profitable in the near future. This is silver — one of the assets that he often shills to his audience, apart from Bitcoin.Kiyosaki believes that demand for silver is going to surge; therefore, he expects it to go up 2x this year and hit at least $70 per ounce. He called it the best asset of the three — Bitcoin, gold and silver — for the next two months. Over the next two years, Kiyosaki believes, silver is likely to reach a new all-time high. Still, he continues to recommend saving all three — gold, silver and Bitcoin.