Speaking with Kitco News, senior commodity strategist at Bloomberg Intelligence, Mike McGlone, opined that once this bear market in risk assets subsides and valuations recover again, cryptocurrencies are going to outperform all other asset classes. Previously McGlone had stated that Bitcoin is on track to hit $100,000 by 2025, and when questioned over what gets investors out of the crypto winter and what needs to happen to spark a rally. The commodity strategist stated: McGlone added:
Bitcoin and the crypto winter
Indeed, with Bitcoin not responding to inflation and other macroeconomic factors as most proponents of the cryptocurrency anticipated to many, it is hurting the long-term case for Bitcoin. He continued, “I think the best performing assets will revert to gold, U.S. long bonds and Bitcoin, I think will perform the best.” Notably, the commodities specialist expects that the assets will all break out at some point in the near future. For McGlone, the price of gold will break out once the markets see that long bond yields have peaked and the Fed’s hiking expectations have been put on hold, which he believes will with a lower stock market. Only then gold and bond prices will revert, climbing upwards, and he anticipates the same for Bitcoin. Watch: Bitcoin will become one of the best assets on earth Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
