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Bitcoin May Soar After Current "Discount," If History Repeats Itself: Bloomberg's Chief Analyst

Tue, 09/06/2022 - 16:23
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Yuri Molchan
Major analyst of Bloomberg names past cases when Bitcoin nosedived as now and then spiked
Bitcoin May Soar After Current "Discount," If History Repeats Itself: Bloomberg's Chief Analyst
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Chief commodity analyst at Bloomberg Mike McGlone has taken to Twitter to say that Bitcoin is in a good position at the moment, despite the big "discount" it is trading at.

"Bitcoin joins gold and US Treasuries as global store of value"

McGlone shared a screenshot with an extract from a recent Bloomberg report. According to it, this year, the leading digital currency has joined the line of other major assets – gold and U.S. Treasuries – becoming a global store of value.

While commodities and global GDP have been declining, the Fed promises more interest rate hikes as part of its hawkish stance to fight inflation. This strategy of the U.S. central bank was caused by the big rise in energy prices globally in the first half of the year.

In the meantime, Bitcoin has been holding near the $20,000 level, going only slightly below it.

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"Bitcoin at discount during elongated bull market"

The report also says that Bitcoin is currently going away at a discount on an elongated bull market. The graph shared in the report shows that similar steep falls have taken place twice before – in 2015 and 2018-19, when Bitcoin fell to $300 and $5,000,  respectively, from higher levels.

After those plunges, the flagship crypto soared. McGlone believes the same may happen this time too.

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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