Bitcoin likely to transition to a risk-off asset in H2 2022, says Bloomberg analyst

Bitcoin likely to transition to a risk-off asset in H2 2022, says Bloomberg analyst

Bitcoin is likely to transition from a risk-on to a risk-off asset in the second half of 2022, because the macroeconomic surroundings is quickly shifting in direction of a recession, stated Mike McGlone, senior commodity strategist at Bloomberg, in a latest interview with Cointelegraph. McGlone predicted:

“ I see it transitioning to be more of a risk-off asset like bonds and gold, then less of a risk-on asset like the stock market.”

According to the analyst, the crypto market has flushed out a lot of the speculative excesses that marked 2021 and it’s now ripe for a contemporary rally. McGlone additionally identified that the Fed’s aggressive mountain climbing of rates of interest will lead the worldwide economic system to a deflationary recession, which is able to finally favor Bitcoin:

“I totally count on we’re going to have a fairly extreme recession globally, which most likely will make Bitcoin shine […] together with gold and U.S. Treasury lengthy bonds.”

Don’t overlook to take a look at the total interview on our YouTube channel and remember to subscribe!

Source link

[adinserter block=”2″]