Bitcoin is likely to shift to a risky asset in the second half of 2022, according to Bloomberg analyst
As the global economy slips into recession in the second half of 2002, bitcoin is likely to rally alongside gold and treasury bonds. Treasury, according to Mike McGlone, senior commodities strategist at Bloomberg.
Cointelegraph YouTube SubscribeBitcoin is likely to move from a risky asset to a risky asset in the second half of 2022 as the macroeconomic environment rapidly shifts towards a recession, said Mike McGlone, senior commodities strategist at Bloomberg, in a recent interview with Cointelegraph. McGlone predicted:
"I see it evolving to become more of a risk asset like bonds and gold, and then less of a risk asset like the stock market."
According to the analyst, the crypto market has flushed out most of the speculative excesses that marked 2021 and is now ripe for a new rally. McGlone also pointed out that aggressively raising interest rates by the Fed will drive the global economy into a deflationary recession, which will ultimately favor Bitcoin:
"I expect we'll have a fairly severe recession globally, which will likely make Bitcoin shine [...] along with gold and long US Treasury bonds."
Don't forget to watch the full interview on our YouTube channel and don't forget to subscribe!
As the global economy slips into recession in the second half of 2002, bitcoin is likely to rally alongside gold and treasury bonds. Treasury, according to Mike McGlone, senior commodities strategist at Bloomberg.
Cointelegraph YouTube SubscribeBitcoin is likely to move from a risky asset to a risky asset in the second half of 2022 as the macroeconomic environment rapidly shifts towards a recession, said Mike McGlone, senior commodities strategist at Bloomberg, in a recent interview with Cointelegraph. McGlone predicted:
"I see it evolving to become more of a risk asset like bonds and gold, and then less of a risk asset like the stock market."
According to the analyst, the crypto market has flushed out most of the speculative excesses that marked 2021 and is now ripe for a new rally. McGlone also pointed out that aggressively raising interest rates by the Fed will drive the global economy into a deflationary recession, which will ultimately favor Bitcoin:
"I expect we'll have a fairly severe recession globally, which will likely make Bitcoin shine [...] along with gold and long US Treasury bonds."
Don't forget to watch the full interview on our YouTube channel and don't forget to subscribe!
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