The Law Of Supply And Demand To Influence Bitcoin (BTC) And Ethereum (Eth) Prices
Mike McGlone who happens to be the Bloomberg intelligence commodity strategist is quite bullish of on the top crypto asset bitcoin and ethereum, mike continues in stating how demand and supply will influence the market prices of the two digital assets.
“In the top two, Bitcoin and Ethereum, there’s definable diminishing supply, by code. Now Ethereum is less by code but Bitcoin, clearly definable diminishing supply.
And you look over demand and adoption, they are clearly increasing. So it’s simple rules of Adam Smith and economics that prices have to go up over time unless something shifts that trajectory negative.
And I only see increasing adoption and demand increasing. And it’s still way early days. I mean less than 1% of global, way less than 1% of global equities, are in crypto.”
Stating the advantages which these digital assets has over other traditional assets is the fact that they don’t incur storage cost space which he practically highlighted this by saying;
“Now Bitcoin and Ethereum, you can actually easily buy the assets as commodity, put it on your phone in storage and never have to pay for that storage.
In commodities, you still have to pay in average 5%, maybe 10% storage.”
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