Bitcoin should outperform most risk assets, says Bloomberg analyst Mike McGlone – but there’s a catch
Bloomberg macro strategist Mike McGlone expresses bullish sentiment on Bitcoin (BTC) amid fears of an economic recession.
In a new interview on the David Lin Report, McGlone says the flagship crypto asset will outperform most risk assets when Bitcoin comes of age.
However, the Bloomberg analyst warns that the price of Bitcoin could fall in the short term.
“This banking crisis I think is starting to define Bitcoin as the value. As you know the last crisis was really its birth, now this is defining it.
But my main concern in the short term is the tide going out in all risk assets, as I mentioned, and Bitcoin being pushed lower.
But right now it shows that what I think is going to happen is that it’s going to continue to outperform most risk assets.
The key point is that we are still pointing out liquidity and it remains one of the riskiest assets…
The key fact is that I think it will continue to outperform most other cryptocurrencies, especially the Bloomberg Galaxy Crypto Index.”
The Bloomberg Galaxy Crypto Index, which is rebalanced and reconstructed monthly, consists of the largest and most liquid digital assets by market capitalization excluding stablecoins, exchange tokens and privacy coins.
On Bitcoin’s price action going forward, McGlone says that despite Bitcoin failing to reach its $100,000 target during the 2021 rally, the flagship crypto asset will resume its bullish run.
“[Bitcoin] now $100,000]did not happen. The highest was around $70,000. And I fully expect Bitcoin to go back to that path. But I don’t know if the bottom is in yet.
The key thing about Bitcoin is that it has something I’ve never seen before in almost any asset, certainly commodities – is definably diminishing supply and low at the beginning of adoption. And become global digital security.
I fully expect it to go that way. Now there are bumps in the road, there are problems with the regulation. But one thing we’ve seen lately and lately is that it’s starting to shine as indestructible.”
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