Mike McGlone stated that, in his opinion, in the long term, bitcoins may be destined for the role of a safe haven in the fall in the value of the assets of the traditional financial market.
“I think that in the long term, bitcoin will come to the fore and be sold more often as an analogue of gold or long bonds as a conditionally risk-free asset,” the analyst says.
Commenting on his findings, McGlone said that over the past year, the S & P 500 index and the bond market have undergone a serious correction. This was because the US Federal Reserve (Fed) raised rates too much and too late. The situation is complicated by the fact that, together with the tightening of the Fed’s monetary policy, a recession in the banking and investment and financial markets looms on the horizon. Under these conditions, underlying crypto assets such as bitcoin can gain an advantage in the eyes of investors.
On Friday afternoon, April 21, BTC is trading at $28,084. The first cryptocurrency opened the year at $16,500 and has risen by almost 90% in the first four months, to a 2023 high of $31,000.
Earlier, Bloomberg Intelligence senior strategist Mike McGlone expressed his concern about the risks of investing in memetic cryptocurrencies such as DOGE and SHIB.
Source: Bits
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