Mike McGlone is a Senior Commodity Strategist at Bloomberg financial daily, envisioning a bright future for bitcoin. In one of his latest tweets, he discusses the performance of bitcoin.
Bloomberg Intelligence Commodity Primer – Something unexpected needs to happen for #Bitcoin‘s price to stop doing what it’s been doing for most of the past decade: appreciating. Demand and adoption metrics remain favorable vs. the #crypto asset’s unique attribute of fixed supply. pic.twitter.com/E0wxubOlHF
— Mike McGlone (@mikemcglone11) August 19, 2020
Demand and adoption continue to increase
Mike McGlone in his tweet: “Only something unexpected can put bitcoin in what it has been doing in the last decade: increase in value. Demand and adoption remain favorable compared to the most unique feature of this cryptocurrency: a predetermined supply. ”
McGlone is referring to the maximum number of bitcoins that will be in circulation. In total there will be a maximum of 21 million bitcoins, no more and no less. The rate of issue has also been mapped out in advance, a unique feature that makes bitcoin so strong.
Don’t expect a major setback
Ki Young Ju, CEO of blockchain analysis firm CryptoQuant, is also positive about bitcoin’s future. He thinks that we should no longer expect a sharp drop like in March.
He said this in his latest tweet: “People remain concerned about a new sale like in March, but crypto exchanges don’t have as many bitcoins waiting to be sold as then. Bitcoin reserves on exchanges have hit record lows, and miners continue to hold coins. I don’t think these things will break the bullish trend. ”
The two things that Ki Young Ju is talking about can be seen in the tweet below. On the left you see the number of bitcoins that crypto exchanges hold, on the right the positions of miners. At the moment, miners are holding more bitcoin than they are selling.
People keep worrying about the great sell-off like March, but exchanges don’t have as many idle Bitcoins(waiting to be sold) as that day.#BTC exchange reserve hit the year low, and miners are holding. I think it won’t break the bullish trend.https://t.co/LiQO3ukV8t pic.twitter.com/Pt2D1urPVq
– Ki Young Ju (@ki_young_ju) August 19, 2020
Blockchain analysis firm Glassnode shares Ki Young Ju’s view: “The decline in bitcoin’s balance sheet on exchanges indicates a diminishing selling pressure. Currently 2.6 million bitcoins are held on exchanges. That’s significantly lower than the last time bitcoin topped (2.8 million), and lower than prior to the major drop in March. ”
The decline of #BTC exchange balances signals reduced selling pressure.
Currently 2.6M BTC are being held on exchanges.
Significantly lower than the last time $ BTC hit a local top a year ago (2.8M), and lower than before the sell-off in March (2.9M).https://t.co/JyYA4oPmDX pic.twitter.com/ab4wkJSnmD
— glassnode (@glassnode) August 19, 2020
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