Mike McGlone, the head commodity strategist at Bloomberg Intelligence, recently shared insights on Bitcoin, Dogecoin, and approximately 2.4 million other digital currencies in a new post.
McGlone made a stunning prediction about Dogecoin and other small-cap altcoins.
“2.4 million Bitcoin wannabes” and Dogecoin vs BTC
Mike McGlone’s communication to the cryptocurrency fraternity specifically focuses on altcoins and meme coins. In his perspective, these digital assets are often likened to “Bitcoin imitators,” with an astonishing 2.4 million such imitators currently circulating in the market.
He referred to them as “supposed cryptocurrencies,” explaining that Dogecoin falls into this category, and suggesting that future generations might regard them in the same way we now view the dot-com bubble.
A Bloomberg analyst highlighted that Dogecoin, boasting a market value of $68 billion, exhibits “1,999 potential signs” or indications. He further referred to DOGE and similar cryptocurrencies as those with an “infinite supply,” positioning them in competition against Bitcoin (with a limited supply of 21 million, over 19 million of which have already been mined) and other precious metals such as silver, gold, platinum, and palladium (excluding gold), which fall under the category of Platinum Group Metals.
Bitcoin to $175,000 – $350,000 in 2025 per Robert Kiyosaki
On the last day of the year, the well-known investor and financial expert Robert Kiyosaki made a daring Bitcoin price forecast, stating that by the year 2025, he anticipates the leading cryptocurrency could surge to a minimum value of $175,000. He also suggested that it might double this figure, reaching as high as $350,000.
In simpler terms, Kiyosaki reaffirmed his prediction made in December that the price of Bitcoin would reach $350,000. Over the weekend, he warned about a major market crash and encouraged people to invest in Bitcoin, silver, and gold as a means of protection. On Friday, he tweeted that Bitcoin had already made him wealthy and will continue to do so. He plans on continuing to buy Bitcoin because it tends to increase in value even during market crashes.
Kiyosaki often criticizes the practice of money creation by the Federal Reserve and U.S. Treasury, labeling it as the production of “counterfeit” currency. He emphasizes that individuals holding onto this “counterfeit” money tend to lose value over time, whereas those who hoard “genuine” assets like Bitcoin, silver, and gold typically see their wealth increase.
Currently, Bitcoin has climbed back up to around $99,000 following a significant surge overnight. At present, it’s trading above the $101,000 mark, indicating recovery.
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2025-01-06 18:14