# Bitcoin could reach $100K as it transitions from a risk-on to a risk-off global store of value By Mark Jason Alcala Canonical URL: https://www.tokenpost.com/news/insights/9467 Published: 2022-01-20T14:45:12.000Z Updated: 2022-01-20T14:45:12.000Z Section: Insights & Views > McGlone believes that the crypto has the potential to reach $100,000, surpassing its all-time high set in November 2021 above $67,000. While Bitcoin has declined since the start of 2022, many experts believe that the crypto will eventually recover later this year and might even surpass the all-time high set last year. For instance, Bloomberg senior commodity analyst Mike McGlone believes that BTC has the potential to reach $100,000 this year. McGlone said that the Fed will raise interest rates to combat inflation, which could affect risk-on assets like crypto. However, the analyst believes that this will be a short-term trend, and Bitcoin will eventually recover and challenge last year’s all-time high. “Bitcoin is in a unique phase, I think, of transitioning from a risk-on to risk-off global digital store of value, replacing gold and becoming global collateral,” the analyst told [Cointelegraph](). “So I think that's going to be happening this year.” He views the current bearish sentiment as a sight of market consolidation. “More allocators are looking to buy it [BTC] on dips,” the analyst said. “We’re seeing the shorter-term speculators getting stuffed out, McGlone believes that the crypto has the potential to reach $100,000, surpassing its all-time high set in November 2021 above $67,000. “I think it’s building a pretty good based around $40,000,” he added. “It’s more likely to appreciate towards $100,000.” The analysts also noted that Bitcoin has already proven itself as digital gold. In fact, Bitcoin is slowly eating up the precious metal’s share as a store of value asset. “The key facts are there’s outflow in gold, also known as gold ETFs, pretty significant outflows,” [McGlone]() explained. “And there’s clear pretty significant inflows into Bitcoin from all measures of investors economy, sovereign wealth, treasuries, pension funds, endowments, individual investors. You ask your typical millennial these days – they don’t care about gold, they care about Bitcoin.” The analyst is also bullish on Ethereum as the main infrastructure for non-fungible tokens (NFTs) and decentralized finance projects. However, his optimism does not extend to the broader crypto market as a whole as he believes that a large number of altcoins could be merely speculative bets. “Simple rules of economics do not favor prices of a market where there's an unlimited supply and ease of entry,” he explained. “That's the crypto market.” [TokenPost]() | info@tokenpost.com ## Links in this article - [Cointelegraph](https://cointelegraph.com/news/bitcoin-s-transition-to-a-risk-off-asset-will-propel-it-to-100k-in-2022-says-bloomberg-analyst) - [McGlone](https://www.youtube.com/watch?v=WUm-T8OVw0Q) - [TokenPost](https://www.tokenpost.com)