Advertisement
AD

Main navigation

Bitcoin Expected to Surge Vs. Tesla, Here’s Why: Bloomberg’s Mike McGlone

Advertisement
Thu, 8/12/2022 - 15:49
Bitcoin Expected to Surge Vs. Tesla, Here’s Why: Bloomberg’s Mike McGlone
Cover image via www.youtube.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Mike McGlone, senior strategist of Bloomberg Intelligence, has taken to Twitter to share an extract from a recent Bloomberg report, which mentions Bitcoin and TSLA, as well as the prospects these two major assets can have in the near future.

Advertisement

He sees a potential for Bitcoin’s rise against shares of Elon Musk’s main company.

“Bitcoin could rebound vs. Tesla”, here’s why

McGlone tweeted that both assets, BTC and TSLA, have lost $500 billion in their market capitalization this year since February up to now.

This may indicate of a declining economic tide as the US Fed Reserve keeps tightening so far, according to the screenshot from a recent Bloomberg Intelligence report shared within the tweet.

McGlone stated that these assets may resume growing now, but actually he is inclined towards Bitcoin only so far. There are several reasons for that, per McGlone.

Related

The first is that the world is heading towards digitization, and Bitcoin is a digital property, which is likely to rise in price. The second is Bitcoin’s declining supply which is facing a fast growing adoption and a rising demand.

Unlike Bitcoin, Tesla is facing a massive competition in the market, which is falling into a recession, per the report. The latter may be beneficial for gold, its digital version (Bitcoin) and US Treasury bonds.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD