Bitcoin will likely transition from a risky asset to a risk-free asset in the second half of 2022 as the macro environment quickly shifts towards a recession, said Mike McGlone, senior commodities strategist at Bloomberg, in a recent interview with Cointelegraph. McGlone predicted:
“I see it moving to a less risky asset like bonds and gold, and less risky than the stock market. “
According to the analyst, the cryptocurrency market has flushed out most of the speculative excesses that marked 2021 and is now ripe for a new rally. McGlone also pointed out that the Fed’s aggressive interest rate hike will send the global economy into a deflationary recession, which will ultimately favor bitcoin:
“I fully expect that we will have a fairly severe recession globally, which will make bitcoin shine […] just like gold and long US Treasury bonds.”
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