Bloomberg analyst Mike McGlone recently appeared in an interview with Kitco News. The interview that largely focused on McGlone’s views on the expanding digital assets industry also included a talk related to the future of these cryptocurrencies. In other news, Bitcoin [BTC] might be in for a surprise this weekend.
Bitcoin to hit the bull’s eye?
The famed Bloomberg analyst recently gave his two cents on the ongoing crypto winter that has left investors completely bewildered. He began by referring to a “great reversion” that could be observed in risky markets. He was quoted saying,
“I think what’s going to happen is the great reversion. It’s just getting started. It might be like the aftermath of 1929, [but] I think it’s going to be like the aftermath of 2008 [or] maybe like after the 1987 crash. It’s so overdue, and all risk assets, everywhere from condos in Miami and Toronto to the stock market. It’s just starting to happen and the greatest inflation in 40 years and most people’s lifetime is starting that.”
McGlone went on to say that he considers Bitcoin among the “best” assets, which should be a big boost for the crypto world.
“My outlook is that I think some of the best assets to own are going to be gold, US long bonds and bitcoin. I think we’re going back to deflation and the best way to get deflation is to get a big price hike and then weed them out. That’s what we’re doing. We’re in the early days of flushing.
However, Bitcoin is not the only cryptocurrency that has peaked McGlone’s interests. The Bloomberg analyst also considered Ethereum [ETH] as one of the big tokens.
“Ethereum is revolutionizing the world of fintech, of tokenization. For me the question of what stops tokenization, you look at NFTs, most of them are based on Ethereum tokens. Now yes there are competitors but it shows you what is happening in space. It’s not going to go away.
The big Bitcoin step-up
Bitcoin is set to end a weekly-bearish rally of nine successive weeks ending in losses. This run stretches back to late March when Bitcoin last finished a week on a positive note.
This will be huge news for the Bitcoin community as they will be able to see past the ongoing “crisis”. However, the crypto centerpiece is still unable to break free from the $30,000 resistance given its performance over the past 24 hours. Any last-minute moves will be crucial if Bitcoin is to end the weekend on a high and break the negative streak.
