Bitcoin will outperform most risky assets, says Bloomberg analyst Mike McGlone, but there’s a catch

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Bloombergs macro strategist Mike McGlone expresses bullish sentiment on Bitcoin (BTC) amid fears of an economic recession.

In a new interview on the David Lin Report, McGlone says the flagship crypto asset will outperform most risky assets as Bitcoin matures.

However, the Bloomberg analyst warns that the price of Bitcoin could fall in the short term.

I think this banking crisis is starting to define bitcoin as its value. As you know, the last crisis was really her birth, now it defines her.

But the main thing that worries me in the short term is the falling tide of all risky assets, as I mentioned, and the decline of Bitcoin.

But right now it shows what I think will happen is that it will continue to outperform most risky assets.

The key point is that liquidity was always directed outwards and remains one of the riskiest assets

The key fact is that I believe it will continue to outperform most other cryptos, especially the Bloomberg Galaxy Crypto Index.

The Bloomberg Galaxy Crypto Index, which is rebalanced and rebuilt monthly, consists of the largest and most liquid digital assets by market capitalization, excluding stablecoins, exchange tokens, and private coins.

Regarding Bitcoin price action going forward, McGlone says that despite Bitcoin’s failure to reach its $100,000 target during the 2021 rally, the flagship crypto asset will resume its bull run.

[Bitcoin] reaching $100,000]did not happen. The high was around $70,000. And I expect Bitcoin to return to this trajectory. But I don’t know if the bottom is still there.

The key thing about Bitcoin is that it has something that I have never seen before in almost any asset, certainly the commodity is a definable and low waning supply in the early days of its adoption. And become a global digital collateral.

I expect it to go in that direction. Now there are bumps in the road, there are regulatory issues. But one thing we’ve seen recently and lately is that he’s starting to shine as indestructible.

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