Mike McGlone listed several reasons why it may take some time for Bitcoin to reach $150,000. First, he pointed out that Bitcoin's performance over the past few years has been poor compared to the S&P 500 and NASDAQ, suggesting the need for improvement. McGlone also emphasized the importance of Bitcoin performing well against traditional markets and highlighted the possibility of launching an Ethereum ETF.
He also discussed the enduring trend of Tether being the most widely traded cryptocurrency and serving as a stable digital representation of the US dollar. McGlone also addressed the tax implications of crypto trading and the need for regulatory compliance.
Additionally, he pointed to current market signals indicating deflationary pressures, particularly in the historical pattern following periods of significant inflation. McGlone warned that a stock market correction could lead to deflation and emphasized the Federal Reserve's potential role in such a scenario.
However, he also acknowledged the risk of short-term deflation followed by inflation, especially given expansionary monetary policy.
“For me, it's only a matter of time before an Ethereum ETF launches, but until then there will be problems,” he said. But I think that means the S&P 500 probably needs another 30% to reach $150,000. ”
