Mike McGlone provided several reasons why it might take time for Bitcoin to hit $150,000. Firstly, he noted Bitcoin’s underperformance compared to the S&P 500 and NASDAQ over the past few years, suggesting a need for improvement. Additionally, McGlone emphasized the importance of Bitcoin performing well against traditional markets and highlighted the potential launch of Ethereum ETFs.
He also discussed the enduring trend of Tether being the most widely traded cryptocurrency, serving as a stable digital representation of the US dollar. Moreover, McGlone mentioned the impact of taxes on cryptocurrency transactions and the need for regulatory compliance.
Furthermore, he pointed out current market signals indicating deflationary pressures, especially in historical patterns following periods of significant inflation. McGlone cautioned about the potential for a stock market correction leading to deflation and emphasized the Federal Reserve’s potential role in such a scenario.
However, he also acknowledged the risk of short-term deflation being followed by inflation, particularly given expansive monetary policies.
He said, “To me, it’s just a matter of time that Ethereum ETFs will be launched, but there’ll be problems in the meantime. But to get to $150000, I think that means that maybe the S&P 500 needs another 30%.”