Bloomberg Intelligence commodity strategist Mike McGlone says Bitcoin (BTC) could be en route to $100,00, but investors of the number one cryptocurrency will have to wait.

In a new edition of the Bloomberg Crypto Outlook, McGlone says that Bitcoin is on track to breach key resistance at $14,000 as indicators show that investors are flocking into the number one cryptocurrency.

“Our chart depicts the market cap of the Grayscale Bitcoin Trust (GBTC) approaching Bitcoin equivalent holdings of 500,000. A year ago, this direct indicator of investor demand held less than half that amount. Inflows in GBTC, the largest exchange traded product, absorbed about 70% of new Bitcoin supply in 3Q, we calculate.

Also featured in our graphic is the 30-day average of Bitcoin active addresses from Coinmetrics. This strong price companion points to the crypto closer to $15,000 vs. about $10,500 on Oct. 2. Addresses plunged with prices in 2018 and were a leading indicator of the Bitcoin recovery in 2019.”

Source: Bloomberg Crypto Outlook

McGlone also highlights Bitcoin’s unique property in that price does not influence supply, which leaves adoption as the number one metric to measure value. According to McGlone, Bitcoin’s valuation will rise on the back of rising adoption rates, and BTC’s historical price history suggests $100,000 could happen by 2025.

“Still in hangover mode from the 2017 rally, we don’t know what specific catalyst might launch Bitcoin to new highs, but demand vs. supply metrics remain price-positive. If the crypto echoes its past gains, with some maturation, about double the time period it took to add a zero to $1,000 could get its price to $100,000 in 2025.”

In addition, the Bloomberg Intelligence strategist says that the current macroeconomic landscape should serve as a tailwind for Bitcoin’s ascent.

“In an unparalleled macroeconomic backdrop of rapidly increasing fiscal and monetary stimulus, limited supply stores of value such as gold and Bitcoin stand to prevail, in our view. This should be true when traditional asset classes – stocks and bonds – are overextended.”

You can read the full report here.

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