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Bitcoin May Get Major Impulse from This Factor: Bloomberg’s Mike McGlone

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Sat, 02/05/2022 - 11:05
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Yuri Molchan
Chief Bloomberg strategist suggested a factor that can drive Bitcoin’s further growth this year
Bitcoin May Get Major Impulse from This Factor: Bloomberg’s Mike McGlone
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Major commodity strategist of Bloomberg, Mike McGlone, believes that there is a force that may fuel the growth of both Bitcoin and gold this year.

“This may enhance store-of-value assets”

Mike McGlone took to Twitter on February 4 to share his view regarding an opportunity for a possible rise of store-of-value assets in the near future. He mentioned not only Bitcoin but gold as well.

McGlone reckons that while the current decline of the stock market might prevent the Federal Reserve from raising rates, it can also fuel the growth of Bitcoin and gold, which are both safe haven assets.

The expert believes that this prospect is a basis for diversifying one’s portfolio.

However, analysts of both Goldman Sachs and Bank of America believe that the decline seen by the stock market this year is unlikely to stop Fed Reserve from its plan to hike the interest rates in March.

Related
2 Reasons Why Bitcoin Soared Above $41,000 and Ethereum Regained $3,000

Bitcoin and Ethereum still in early adoption days

About a week ago, Bloomberg’s leading commodity strategist opined on Twitter that Bitcoin and Ethereum, the two top cryptocurrencies, are still in their early adoption days.

McGlone tweeted that he expected them to continue rising thanks to their supply-demand dynamics, stating that only a black swan event could prevent their further appreciation.

By now, Bitcoin has appreciated to the $41,500 level with Ethereum regaining $3,000.

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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 yuri.molchan@u.today.