Bitcoin is likely to transition from a risk asset to a risk asset in the second half of 2022 as the macroeconomic environment is rapidly shifting towards a recession, he said. Mike McGlone, senior commodity strategist at Bloomberg, in a recent interview with Cointelegraph. McGlone predicted:
“I see it transitioning to being more of a risky asset like bonds and gold, and then less of a risky asset like the stock market.”
According to the analyst, the cryptocurrency market has eliminated most of the speculative excesses that marked the year 2021 and is now poised for a new rally. McGlone also noted that the Fed’s aggressive interest rate hike will push the global economy into a deflationary recession, ultimately favoring Bitcoin:
“I fully expect that we are going to have a pretty severe recession globally, which will probably make Bitcoin shine […] along with gold and long US Treasuries.
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