Senior macro strategist at Bloomberg Intelligence Mike McGlone expresses optimism for Bitcoin (BTC) and other digital assets as flagship crypto deals with fluctuating price movements.
McGlone say in a new interview with Stansberry Research that he is “very optimistic” about Bitcoin and other assets in the Bloomberg Galaxy Crypto Index as BTC increasingly becomes a “global digital collateral”.
However, the Bloomberg strategist says the macro landscape and stock market can influence the growth potential of digital assets.
“Bitcoin, Ethereum, the Bloomberg Galaxy Crypto Index, I am completely optimistic about the big picture, but I am very concerned about what I see fading away in a potential bear market in stocks
So I think of Bitcoin as global digital collateral in the world moving in that direction and every risk manager on the planet, every day that goes by, they all know, ‘I’ve got to have a piece of this’.
McGlone also says he is concerned in the near term that Bitcoin and other crypto assets could plummet if the stock market turns bearish.
“iIt’s just that I’m still worried about a stock market pullback. I mean, I fully expect a 20% drop the S&€500, and if I expect that, I expect crypto assets to suffer.
While McGlone believes the crypto king will eventually hit his long-term goal of $100,000, he says Bitcoin’s performance is still largely dependent on stock market price action.
“Here’s the main difference I’d like to point out: Bitcoin ‘digital gold’ is going to outperform, should continue to outperform most (other crypto assets)…
But I’m afraid Bitcoin’s pressure is below $20,000, around $20,000. And at some point it will go above $100,000. It just has to see how we get through this carpet pull in the stock market.
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