Bloomberg’s macro strategist Mike McGlone is expressing bullish sentiment on Bitcoin (BTC) amid fears of an economic recession.
In a new interview on the David Lin Report, McGlone says that the flagship crypto asset will outperform most risk assets as Bitcoin comes of age.
However, the Bloomberg analyst warns that the price of Bitcoin could fall in the near term.
“This banking crisis I think is starting to define Bitcoin as its value. As you know the last crisis really was its birth, now this is defining it.
But the key thing I’m worried about in the shorter term is the tide going out in all risk assets, like I mentioned, and Bitcoin being pushed lower.
But right now it’s showing what I think is going to happen is it’s going to continue outperforming most risk assets.
The key point is that we’re still pointing away liquidity and it’s still one of the riskiest assets…
The key fact is I think it’s going to continue to outperform most other cryptos, particularly 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 his target of $100,000 during the 2021 rally, the flagship crypto asset will resume the bullish run.
“[Bitcoin] reaching $100,000] did not happen. The high was around $70,000. And I fully expect Bitcoin’s going to return to that trajectory. But I don’t know if the bottom’s in yet.
The key thing about Bitcoin is it has something I’ve never seen before in almost any asset, certainly commodity – is definable diminishing supply and low in early days of adoption. And becoming global digital collateral.
I fully expect it’s going to go that way. Now there are bumps in the road, there are issues with regulation. But one thing we’re seeing recently and lately is it’s starting to shine as indestructible.”
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