Bitcoin is Among Top Long Term Beneficiaries: Mike McGlone

Divya  |  Sep 24, 2021

Bloomberg commodity strategist Mike McGlone named Bitcoin as one of the top long-term assets in a recent tweet. Earlier this week, he indicated that many golden investors were moving their funds into Bitcoin and Ethereum.

Mike McGlone Counts Bitcoin Among Top Long Term Beneficiaries 

On September 23, Bloomberg strategist Mike McGlone took to Twitter to share his insights on which assets will become the top beneficiaries in the future.

McGlone noted that while the American stock market is on a decline, Bitcoin, gold, and US Treasury bonds will appreciate in the long run. 

In a recent Stansberry Research interview, McGlone pointed out that investors are “giving up on gold” and instead opting for cryptocurrencies like Bitcoin and Ethereum.

“The thing that I have underestimated this year is how much there’s been disdain and outflows from gold, and people giving up on gold and going to Bitcoin and Ethereum. Basically putting Bitcoin and Ethereum in the same bucket as gold. So as we speak, gold is down about 7% on the year, and Bitcoin’s up almost 70%. Ethereum’s up almost 400%,” he noted.

The veteran market observer believes that the $40,000 level is the “new $10,000”-- which suggests that Bitcoin is consolidating around this level now, instead of correcting below it.

He is also confident that the flagship cryptocurrency could reach the $100,000 price level as early as next month.

European Theme Park Resort Will Accept Bitcoin Payments from 2022

Spanish theme park resort, PortAventura World, announced recently that it would start accepting Bitcoin payments in 2022. 

With six hotels and two theme parks, the iconic destination is one of the biggest resorts in southern Europe. 

According to a report, PortAventura World is currently working on technology to integrate crypto payments in a "simple" and "secure" way. Incorporating Bitcoin is part of the resort’s efforts to foster innovation and digitization. 

Notably, PortAventura isn’t the first hospitality business to embrace crypto payments. In August, Chedi Andermatt, a five-star hotel in the Swiss Alps, added Bitcoin and Ethereum payment options for its guests.

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