Bitcoin \u201cmay be primed\u201d for a quantum leap in its development thanks to inflation this year. In a tweet on March 17, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, released a fresh bullish take on Bitcoin\u2019s (BTC) future under the current macro conditions.
Well known for his belief in Bitcoin coming from the latest global financial turmoil out on top, McGlone argued that inflation would ultimately help Bitcoin\u2019s \u201cmaturation\u201d as an asset class, claiming it would even beat gold in terms of returns.
\u201cFacing the Federal Reserve, inflation and war, 2022 may be primed for risk-asset reversion and mark another milestone in Bitcoin\u2019s maturation,\u201d he wrote.
It’s unlikely for Bitcoin to stop outperforming gold, stock market amid bumps in the road as the Fed attempts another rate-hike cycle. The forecast followed the first in what the Fed hinted would be a series of key interest rate hikes, an event that delivered a modest but welcome boost to BTC price action.
Covering a range of macro topics, the post foresaw a restructuring of the financial system, during which Bitcoin, like stocks and commodities, would see heavy losses. Ultimately, however, both Bitcoin and gold should take a significantly more important role as stores of value in the face of declining participation in the US dollar and euro standard from other governments.
Under such circumstances, which he acknowledged were to play out \u201cover the next decade,\u201d gold could be five figures an ounce, while a single Bitcoin could fetch a seven-digit dollar sum.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin \u201cmay be primed\u201d for a quantum leap in its development thanks to inflation this year. In a tweet on March 17, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, released a fresh bullish take on Bitcoin\u2019s (BTC) future under the current macro conditions.Well known for his belief in Bitcoin coming from the latest global …<\/p>\n","protected":false},"author":13,"featured_media":53010,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40,36],"tags":[6904,6885,6874],"class_list":["post-62192","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-cryptocurrencies","category-market-updates","tag-bitcoin","tag-fed","tag-gold"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=62192"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62192\/revisions"}],"predecessor-version":[{"id":62197,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62192\/revisions\/62197"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53010"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=62192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=62192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=62192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}