Senior Bloomberg Analyst Mike McGlone Reconfirms Strong 2022 Ahead for Bitcoin
In a talk with Yahoo Finance on Wednesday, Bloomberg Senior Commodity Analyst, Mike McGlone said to have high expectations of Bitcoin for the rest of the year.
McGlone said that recent developments have only strengthened reaffirmed his convictions on the top cryptocurrency’s power:
“The significance of Bitcoin, which really struck me in the last few weeks is that it is the most significant fluent widely-traded 24/7 asset ever in the planet and when we saw nickel break down and couldn’t trade for a couple of weeks, people looked over to Bitcoin and say this thing just doesn’t stop trading.”
McGlone continues and highlighted Bitcoin’s unique attributes:
“Bitcoin’s supply is declining by code and its demand and adoption are rising and you’re really seeing from the war, its value coming out as the store value exchange mechanism. In some places, becoming global collateral. To me, that’s the macro big picture that was pulled down initially with that lower tie from the stock market.”
According to the senior analyst, we can expect Bitcoin to out perform the stock market this year:
“It’s still going to be a pressure factor but I’ll end with this, the significance is Bitcoin is up on the air with 5% or so and the Nasdaq is still down about 7%. It’s showing divergent strength with which I expect to continue.”
At the time of writing, Bitcoin is trading at $45,537.60 according to CoinMarketCap data.
The post Senior Bloomberg Analyst Mike McGlone Reconfirms Strong 2022 Ahead for Bitcoin appeared first on iGaming.org.
Source: igaming
