Bitcoin staying at $19,000 may be an indication of an enduring bull market, Bloomberg’s chief strategist believes
Mike McGlone, Chief Commodity Strategist at Bloomberg Intelligence, has posted a tweet in which he again believes that Bitcoin can be seen as a store of value and could outperform the S&P 500 Index.
McGlone tweeted that Bitcoin trading at $19,000 may “gain upper hand” vs S&P 500 that is changing hands at $3,600 at the moment.
A screenshot of a recent Bloomberg report posted with the tweet says the S&P 500 is down nearly 20 percent so far this month. While traditional markets are following the S&P in a downward path, reports suggest that bitcoin is forming a base around the $19,000 price mark.
According to the report, a further fall of the S&P 500 price may stop further tightening policy of the Fed Reserve. Hence, the biggest “pump-and-dump” in the US money supply ever seen may prove Bitcoin as a store of value.
Furthermore, in an earlier tweet today, McGlone reminded the community that the limited and dwindling supply of bitcoin is an important factor in why its price “continues to rise over time.” Some unforeseen factors could disrupt and reverse BTC-related demand and adoption trends, but McGlone called this “unlikely”.
