Bloomberg analyst says Bitcoin (BTC) is undergoing fundamental paradigm shift as US banking system fails
Bloomberg Intelligence senior macro strategist Mike McGlone says recent US bank failures are changing the way investors view Bitcoin (BTC).
In a new live stream with Scott Melker, McGlone says that a growing number of investors are likely to start buying Bitcoin as a valuable alternative asset outside of the traditional monetary system.
“Now I fully expect that your average responsive investor is going to be looking to buy Bitcoin and dips and they can ease into rallies. That’s really the switch. There’s a fundamental paradigm shift here in this market because of the crisis .”
According to McGlone, Bitcoin, bonds and gold are set to become more desirable assets as inflation concerns and a likely recession begin to limit liquidity.
“We’re not going to have the re-fluidation that we had in the past because of the lessons of inflation that will reverberate through our lives when they ‘re-fluid’ too quickly, too much. So to me, that’s where the world is going now. And that’s why this is a different environment for things that depended on that, US stocks, it’s over.
And there is the recession. So we have to get through this recession. If we don’t get it done. It’s a shock. Just two weeks ago, the probability was the highest ever from the yield curve. You can’t say it’s turned down. So we need to get through this recession to think of everything as risk assets like equity. But look what gold and bonds and Bitcoin are doing. Those to me are going to be some of the things that people are going to be looking to buy in the fall when we tip into a recession.”
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