Bloomberg Intelligence senior commodities strategist Mike McGlone believes that Ethereum could be the main factor holding back bitcoin's growth. He stated this in an interview with YouTube channel The Deep Dive.
Previously, he has repeatedly predicted that digital gold will reach the $100,000 mark. But, according to the expert, the second-largest cryptocurrency in terms of capitalisation can become an obstacle to growth.
People are starting to understand that Ethereum is "the building block for all financial technology, DeFi and infrastructure in the world going digital," McGlone said.
As another powerful support for Ethereum's price, the expert cited non-transferable tokens (NFTs). Such assets are becoming extremely popular and for the most part are issued on the cryptocurrency's blockchain.
At the same time, McGlone called the former Goldman Sachs hedge fund manager and Real Vision TV CEO Raul Pal's forecast of Ethereum rising to $20,000 overstated. But the price won't fall below $2,000 either, rather the rate will exceed $4,000, the analyst is confident.
Recall that in May, McGlone supported JP Morgan analysts' view that a correction in the cryptocurrency market could prompt institutional investors to leave bitcoin for gold.