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

Thu, 12/08/2022 - 15:49
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Yuri Molchan
Bloomberg’s prominent strategist believes Bitcoin has a potential to rebound against Tesla shares
Bitcoin Expected to Surge Vs. Tesla, Here’s Why: Bloomberg’s Mike McGlone
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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.

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.

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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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at