Published: 01.04.2022
Article reading time:
1 minute.
Bloomberg Intelligence Senior Commodity Analyst Mike McGlone called the first cryptocurrency the most significant, freely traded asset at the moment.
Mike McGlone gave an interview to Yahoo Finance where he shared his thoughts on Bitcoin and its role in the future of cryptocurrencies. According to the analyst, it has become obvious in the last few weeks that very few assets will be able to compete with bitcoin. He was impressed that the first cryptocurrency had no downtime in trading and in operation, while some assets manifest themselves as unreliable – their trading can be stopped or affected by macro events.
“What has really struck me lately is the resilience of bitcoin. At the moment, this cryptocurrency is the most significant, freely traded asset that is traded around the clock and seven days a week,” the analyst said.
According to McGlone, many other experts are also beginning to recognize the reliability of bitcoin. The growing adoption of cryptocurrencies plays in favor of a strong “macro picture”, as the analyst puts it. Bitcoin is showing multidirectional strength as it breaks off the stock market. While Nasdaq shares fell about 7%, bitcoin soared 5%. The analyst expects that this trend will continue and should be guided by these indicators in the future.
Earlier, Blomberg analyst urged investors to pay attention to the decrease in bitcoin volatility – this, in his opinion, signals its imminent growth. McGlone said that BTC should be expected at $100,000.
Source: Bits
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