Bloomberg’s Mike McGlone bullish on Bitcoin and Ethereum in 2022

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Bloomberg Intelligence analyst Mike McGlone is bullish on Bitcoin and Ethereum’s prospects in 2022, saying “deflationary forces” will propel cryptoassets to new price highs.

In a tweet posted Thursday, December 9, McGlone, who is Bloomberg’s senior commodities strategist, released his forecast for next year, saying it would be good for Bitcoin and gold as reserve assets. of value benefiting from their position of the hedges. McGlone pointed to the peak in commodities and falling yields on long-term US Treasury bonds as catalysts for the revival of “deflationary forces” in 2022, which would push Bitcoin and gold prices up.

The Bloomberg analyst gave a preliminary price forecast of $ 100,000 for BTC, $ 50 for oil and $ 2,000 for gold.

$ 100,000 #Bitcoin, $ 50 # Oil, $ 2,000 #Gold? Outlook 2022 in 5 charts – The peak in commodities and the decline in long-term Treasury bond yields point to risks of a revival of deflationary forces in 2022, with positive ramifications for Bitcoin and gold. pic.twitter.com/j3VNAOCwuz

– Mike McGlone (@ mikemcglone11) December 9, 2021

McGlone’s tweet followed a previous post (sent Dec.3) describing a possible deflationary course for the economy next year. He noted that crude oil prices were similar to those just before the 2008 global financial crisis.

McGlone also released his December edition of Bloomberg’s Global Cryptocurrency Outlook, making a bullish argument for Bitcoin and Ethereum. He said growing demand in the face of declining supply has positioned Ethereum at the “epicenter” of financial and money digitization.

McGlone says fund managers now face ‘greater risk’ by continuing to have crypto-devoid portfolios, showing Bloomberg’s Crypto Index is up 1200% since 2019 versus 90% for the S&P 500 :

“Past performance is no indicator of future results, but when a new asset class outperforms incumbents, opponents have no choice but to join us. have no crypto wallet allocation. “

Warning

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptoassets carries the risk of financial loss.

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