Bloomberg senior strategist Mike McGlone says he is optimistic about Bitcoin (BTC) and other digital assets as flagship BTC enters seesaw price movements.
Bloomberg Strategist Mike McGlone Says He's Optimistic For BTC
In a new Stansberry Research interview, McGlone says he's "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 notes that the macro environment and the stock market can affect the growth potential of digital assets.
“Bitcoin, Ethereum, the Bloomberg Galaxy Crypto Index are all very bullish on the big picture, but I am very worried about the tide I see in a potential bear market in equities.
That's why I see Bitcoin as the global digital collateral that's moving in that direction in the world, and every risk manager on the planet, every single day, knows I have to 'get a little bit of it'."
McGlone also says he is concerned that Bitcoin and other crypto assets could fall in the near term if the stock market falls.
"I'm still worried about a drop in the stock market. So, I expect a 20% drop in the S&P 500 and if I wait for that, I expect crypto assets to suffer as well."
While McGlone believes that BTC will eventually reach its long-term price target of $100,000, he says Bitcoin's performance still largely depends on the price action of the stock market.
“The main difference I want to point out here is that Bitcoin 'digital gold' will outperform, continue to outperform most (other crypto assets)…
But I'm afraid Bitcoin could have a pressure below $20,000, around $20,000. And at some point it will go over $100,000. "We just need to see how we're going to get over this drop in the stock market," he said.
It is not investment advice.