Mike McGlone: ​​"Bitcoin and Ethereum are doomed to growth by the law of economics"

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Bloomberg Intelligence, Senior Commodities Strategist, believes that the decline in the volume of bitcoin and ether amid the growing adoption of cryptocurrencieswill lead to an increase in the prices of these assets.

Mike McGlone, a stock analyst at Bloomberg's research division, noted that the volume of bitcoin (BTC) and ether (ETH) mined is limited by the code.According to him, Ethereum's transition to the Proof-of-Stake (PoS) algorithm will reducethe amount of ETH in the market is greater than BTC.

"At the same time, the demand for assets and their implementation is clearly growing.Adam Smith's simple rules of economics state that under such conditions, prices will eventually beunless something changes this trajectory in a negative direction.And now I'm only seeing growing adoption and growing demand.I mean, less than 1% of the world's stocks are in crypto," he said.

According to McGlone, one of the advantages of crypto assets such as Bitcoin and Ether over traditional commodities is that they do not carrystorage costs.

"Now you can easily buy bitcoin and ether as an asset and as a commodity, put them in a mobile wallet on your phone and never pay to store them.With goods, everything is not so simple - you will have to pay 5%, or maybebe 10% for storage," he explained.

McGlone's forecast is supported by Shark Tank star Kevin O'Leary, who, despite the drawdown of his investment portfolio, continues toAt the same time, Mohamed El-Erian, Senior Economic Advisor at the German insurance company Allianz, said that bitcoin will never becomeglobal reserve currency for large investors and will not exceed the $100,000 mark.