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Bitcoin May See Strongest Higher-Price Cure in 2022: Bloomberg's Mike McGlone

Fri, 09/23/2022 - 13:35
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Yuri Molchan
Chief Bloomberg's commodity strategist believes that Bitcoin may keep winning over commodities for next 10 years
Bitcoin May See Strongest Higher-Price Cure in 2022: Bloomberg's Mike McGlone
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Mike McGlone, senior commodities analyst for Bloomberg, has shared his opinion that, in the next 10 years, Bitcoin can beat commodities.

Besides, he stated that this year, crypto can see a major price surge.

"Strong higher-price cure for Bitcoin in 2022"

McGlone tweeted that so far Bitcoin has been winning against commodities – this decade has so far been "exceptionally good for Bitcoin" and bad for the latter.

Besides, he stated that 2022 may "prove the higher-price cure stronger than ever, favoring crypto."

The screenshot shows part of a recently issued Bloomberg report. It states that, so far, Bitcoin has been outperform ING the BCOM (Bloomberg Commodity Index) – this is shown on the graph. Still, McGlone adds, Bitcoin at the moment is dropping to new lows and is trading at a discount, as he put in one of his recent tweets.

However, the report says that if history can be viewed as any guide, then Bitcoin is likely to recover and outperform commodities, going to new highs soon.

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Bitcoin trading at "extreme discounts"

On Sept. 21, according to McGlone's tweet, Bitcoin hit its deepest "discount." However, he assumed that the extremity of this crypto price crash shows the potential resumption of the "elongated upward trajectory."

Back in early September, McGlone stated that Bitcoin was still a bull market.

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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