Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has recently aired his opinion regarding the future prospect of Bitcoin (BTC), the largest cryptocurrency by market capitalization.
In a recent conversation with Kitco News, McGlone stated that once the risk assets recover from the current downturn, Bitcoin is going to outperform other asset classes.
Read Also: Analyst Says Bitcoin (BTC) Would Rise Over 60% in Coming Months if Prevailing Momentum Is Sustained
In the course of the interview, he was asked about what would get investors out of the crypto winter and what has to happen to spark a rally. Mike McGlone said:
“I think what’s going to happen is the great reversion is just getting started. It might be like the aftermath of 1929, I think it’s gonna be like the aftermath of 2008 maybe like after the 1987 crash it’s so overdue. The greatest inflation in 40 years in most people’s lifetime is just starting…
“Once we kind of get through that period, I think Bitcoin is going to become realized that this is one of the best assets on the planet to hold. Now that’s my base case well how that works out I don’t know so I see my outlook is, I think some of the best assets to own will be gold U.S. long bonds and Bitcoin I think we’re going back to deflation.”
Speaking more about Bitcoin being one of the best performing asset classes, McGlone said:
“It’s just a matter of time it’s just the way it works but in terms of things I watch like commodities and assets they’re just in the early days of reverting and bitcoin should be one of the ones that come out ahead.”
According to the senior commodity strategist, the price of gold will break out as soon as the markets see that long yields have peaked and Fed’s hiking expectations have been suspended.
Read Also: MicroStrategy CEO Michael Saylor: “I Will Be Buying Bitcoin (BTC) At the Top Forever”
Although he believes that gold and bonds will later break out, he expects to see Bitcoin outperforming all of them.
He wrote, “I think the best performing assets will revert to gold, U.S. long bonds and Bitcoin, I think will perform the best.”
Meanwhile, McGlone had predicted that Bitcoin is on track to hit $100,000 by 2025;
“Bitcoin Bull and $50,000 Support vs. $100,000 Resistance in 2022. Bitcoin is approaching 2022 in what we view as simply a bull market. The nascent technology/asset is experiencing increasing adoption vs. declining supply and showing signs of maturation.”
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