Bloomberg’s Chief Strategist Suggested One Factor That Could Boost Bitcoin’s Growth This Year
Major commodity strategist of Bloomberg, Mike McGlone, believes that there is a force that may fuel the growth of both Bitcoin and gold this year.
“It can enhance store of value assets”
Mike McGlone took to Twitter on February 4 to share his views on whether there might be a potential increase in store of value assets in the near future. He mentioned not only Bitcoin but also gold.
McGlone reckons that while the current decline of the stock market might prevent the Federal Reserve from raising rates, it can also fuel the growth of Bitcoin and gold, which are both safe haven assets.
The expert believes that this perspective is a basis for diversifying his portfolio.
However, analysts of both Goldman Sachs and Bank of America believe that the decline seen by the stock market this year is unlikely to stop Fed Reserve from its plan to hike the interest rates in March.
Bitcoin and Ethereum still in the early days of adoption
About a week ago, Bloomberg’s chief commodities strategist said on Twitter that Bitcoin and Ethereum, the two major cryptocurrencies, were still in their early days of adoption.
McGlone tweeted that he expected them to continue rising thanks to their supply-demand dynamics, stating that only a black swan event could prevent their further appreciation.
To date, Bitcoin has appreciated to the $41,500 level, with Ethereum recovering $3,000.
