Bitcoin’s Potential to Outshine Risky Assets – Bloomberg Analyst Weighs in
Mike McGlone, the macro strategist at Bloomberg, recently spoke with the David Lin Report about his bullish outlook on Bitcoin.
While he expects Bitcoin to continue outperforming most risk assets, he cautions that the price of Bitcoin may decline in the short term due to a general downturn in all risk assets.
McGlone sees the current banking crisis as defining Bitcoin’s value and believes it has something unique that he’s never seen in any other asset before – a definable diminishing supply and quick early adoption. He also believes that Bitcoin has the potential to become global digital collateral.
However, despite Bitcoin’s potential, the analyst acknowledges there may be bumps in the road ahead, such as regulatory issues. Nonetheless, he thinks that Bitcoin will eventually overcome these challenges and resume its bullish run.
While Bitcoin did not reach McGlone’s target of $100,000 during the 2021 rally, he believes that it will eventually return to its trajectory. McGlone highlights that Bitcoin has shown resiliency and indestructibility in recent times.
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Bloomberg’s strategist believes that Bitcoin will continue outperforming most other cryptocurrencies, including those listed in the Bloomberg Galaxy Crypto Index.
This index includes the largest and most liquid digital assets by market capitalization but excludes stablecoins, exchange tokens, and privacy coins.
Despite the possibility of short-term price volatility, Mike McGlone remains optimistic about Bitcoin’s long-term potential and sees it as a valuable asset in a diversified investment portfolio.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
