Bitcoin Watch – Bloomberg Intelligence strategist: “Cryptocurrency could plunge by 90%”

Bloomberg Intelligence commodity strategist Mike McGlone believes cryptocurrencies could face similar fates as Amazon and the Nasdaq's spectacular rise and fall at the turn of the millennium. In a RECENT INTERVIEW, Mr McGlone said cryptocurrency could plunge a further 90% to USD900, in an environment of unsustainably growing supply.

"I spend a lot of time reading about this, and the more research I do, the more bearish I get. It's very similar to these Internet companies we saw in the late nineties," said Mr MrGlone. "While the creators of bitcoin intended to limit supply to 21 million coins, forks mean that there are already more than 50 million outstanding coins based on the original blockchain. There's also nothing preventing rivals from spawning an infinite amount of clones. Parabolically increasing supply is the primary limitation to cryptocurrency market-price appreciation. There's strong gravitational pull toward USD900, the average price since inception and the start of 2017."

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