Bloomberg Intelligence senior commodity strategist Mike McGlone argued that Bitcoin will trade at $100,000 by 2025 once the current macroeconomic environment characterized by high inflation ends. Speaking in an interview with Kitco News on September 17, McGlone noted that it will depend on increased adoption and demand for Bitcoin to trigger the rally.

   “Bitcoin for me it's only a matter of time before it reaches $100,000. The basic truth is that unless you expect it to reverse, adoption and demand are increasing which I don't think so. It will continue to value; it's just a matter of time right now.”

He noted that Bitcoin and cryptocurrencies in general will likely rank high among all asset classes in the current environment. According to McGlone, cryptocurrencies provide an added advantage as they have the fastest growing technology.

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At the same time, McGlone compared the current market situation to the 2000 dot-com bubble. However, he cautioned that Federal Reserve policies are likely to play a key role in ending current conditions.

   "The important thing is that crypto is the fastest horse in the race. They have the advantage of rapidly advancing technology and are looking to the future that they will continue to appreciate. It's like the year 2000, things are getting worse and in fact even worse than 2000 because the bond market is trading really well back then."

In addition, the strategist noted that Bitcoin and the overall crypto market are caught in a global winter, making up a small portion of digital assets. His stance goes against the broader market sentiment that Bitcoin is in a crypto winter.

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Notably, Bitcoin has been battered in 2022 and the price is struggling to trade above $20,000.

   "This isn't a crypto winter, it's a macroeconomic global winter. I think cryptos are just a small part of it, but that's why I think macro is overwhelming."

Additionally, McGlone commented on Ethereum's chances to replace Bitcoin in the near future, especially after the Merge upgrade. Interestingly, the strategist said Ethereum could eventually take over Bitcoin, but not in the current environment. According to McGlone, Bitcoin will likely be the new digital gold, but it will take time as the flagship cryptocurrency's status as a risk asset will be shaken.