Crypto

Bitcoin’s Transition To A Risky Asset Will Boost It – Mike McGlone

Bitcoin’s transition to a ‘risk-free’ asset will propel it to $100,000 in 2022, says Bloomberg analyst

Mike McGlone, senior commodity strategist at Bloomberg, is confident that Bitcoin’s transition to digital gold will propel it to new all-time highs in 2022.

Bloomberg analyst Mike McGlone is confident that Bitcoin price is on track to hit $100,000 in 2022 as it completes its transition from a “risky” to a “riskless” asset.

Since the Fed plans to raise interest rates to combat inflation, risky assets like cryptocurrencies could suffer as people would probably prefer to invest in fixed income assets such as bonds.

While this trend may present a short-term headwind, McGlone expressed confidence that the price of Bitcoin will still appreciate significantly in 2022:

“I think Bitcoin is in a unique phase of transition from a risky global digital store of value to a risky digital store of value, replacing gold and becoming a global security. So I think that’s going to happen this year.”

He said he sees the current bearish sentiment as a positive sign, indicating market consolidation.

The analyst is also optimistic about theEthereal, given its key role in providing the core infrastructure for decentralized finance and non-fungible tokens (NFT). He is also confident that USD-backed stablecoins will proliferate in 2022.

However, McGlone’s outlook for the broader cryptocurrency market is not so rosy, given the high amount of speculative betting among altcoins.

“The simple rules of economics do not favor prices in a market where supply is unlimited and entry is easy. This is the crypto market.”

For more information on McGlone’s crypto outlook for 2022, see the full interview in English on YouTube and don’t forget to subscribe!

By Marco Castrovilli, Cointelegraph

Born in northern Italy but living mainly abroad, Marco is a journalist and philologist. He can speak four foreign languages, some even better than his native Italian, which he sometimes forgets. As a journalist, she has covered international affairs, energy policy, and conflict, with a focus on Russia and the post-Soviet space.

The opinions expressed herein are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move involves risk, you should do your own research when making a decision.

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