Chief Bloomberg’s commodity strategist believes that Bitcoin may keep winning over commodities for next 10 years
Bloomberg Senior Commodity Analyst Mike McGlone shares his opinion that Bitcoin could outperform the commodity in the next 10 years.
Besides, he stated that this year, crypto can see a major price surge.
“Strong High Price Cure for Bitcoin in 2022”
McGlone tweeted that so far bitcoin is winning against commodities – this decade has been “extraordinarily good for bitcoin” so far and bad for the latter.
Besides, he stated that 2022 may “prove the higher-price cure stronger than ever, favoring crypto.”
The screenshot shows part of a recently released Bloomberg report. It added that, so far, Bitcoin is outperforming the BCOM (Bloomberg Commodity Index) – this is shown on the graph. Still, McGlone says, bitcoin is falling to new lows at the moment and is trading at a discount, as he put it in his recent tweet.
However, the report says that if history can be viewed as any guide, then Bitcoin is likely to recover and outperform commodities, going to new highs soon.
Bitcoin trading at “high discount”
On September 21, according to McGlone’s tweet, bitcoin achieved its deepest “discount”. However, he conceded that the peak of this crypto price crash represents a possible resumption of the “long upward trajectory”.
Back in early September, McGlone stated that Bitcoin was still a bull market.
