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bitcoin will overtake other assets in terms of growth

by Vaibhav
October 10, 2022
in Forecasts
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Mexican billionaire: bitcoin is better than fiat
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Mike McGlone, senior commodities strategist at Bloomberg Intelligence, predicted the rise in the price of the first cryptocurrency in the near future. He is confident that by the end of 2022, digital gold will outperform the competition.

According to a new report Bloomberg Crypto Outlook, in the first half of the year, only commodities rose among the major assets. According to analysts, this is essential for Bitcoin.

In economic downturns, digital gold and Ethereum tend to outperform most major assets, experts explained. McGlone called interest rate hikes by central banks a “strong tailwind.”

He noted that October has been the best month for Bitcoin since 2014. The analyst believes that the transition of Ethereum to the Proof-of-Stake consensus algorithm can help it and the first cryptocurrency gain a foothold above the $1,000 and $20,000 levels, respectively.

See also  Kraken predicted 200% growth in bitcoin in the coming months

Earlier, Galaxy Digital CEO Mike Novogratz called the main factor in the resumption of growth in bitcoin the refusal of the US Federal Reserve to aggressively raise rates to fight inflation.

Recall that in September, billionaire Stanley Druckenmiller, a former colleague of George Soros in the Quantum fund, predicted a revival of digital assets amid the collapse of the fiat-based economy.

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Mike McGlone, senior commodities strategist at Bloomberg Intelligence, predicted the rise in the price of the first cryptocurrency in the near future. He is confident that by the end of 2022, digital gold will outperform the competition.

See also  Arthur Hayes predicted a continuation of the Bitcoin price correction

According to a new report Bloomberg Crypto Outlook, in the first half of the year, only commodities rose among the major assets. According to analysts, this is essential for Bitcoin.

In economic downturns, digital gold and Ethereum tend to outperform most major assets, experts explained. McGlone called interest rate hikes by central banks a “strong tailwind.”

He noted that October has been the best month for Bitcoin since 2014. The analyst believes that the transition of Ethereum to the Proof-of-Stake consensus algorithm can help it and the first cryptocurrency gain a foothold above the $1,000 and $20,000 levels, respectively.

See also  Pantera Capital CEO: Bitcoin to hit $ 115,000 in eight months

Earlier, Galaxy Digital CEO Mike Novogratz called the main factor in the resumption of growth in bitcoin the refusal of the US Federal Reserve to aggressively raise rates to fight inflation.

Recall that in September, billionaire Stanley Druckenmiller, a former colleague of George Soros in the Quantum fund, predicted a revival of digital assets amid the collapse of the fiat-based economy.

Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.

Found a mistake in the text? Select it and press CTRL+ENTER

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