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Bloomberg analyst predicts that Bitcoin will become a risk-off asset in the second half of 2022


August 13, 2022 · By Muhammad Awwal
Bitcoin (BTC)

Mike McGlone predicts that Bitcoin would most certainly increase in value alongside gold and treasury bonds if the world economy enters a recession in the second half of 2002.

Bitcoin is likely to change from a risk-on to a risk-off asset in the second half of 2022 as the macroeconomic situation is swiftly moving towards a recession, according to Mike McGlone, senior commodity strategist at Bloomberg. McGlone foresaw:

“ I see it transitioning to be more of a risk-off asset like bonds and gold, then less of a risk-on asset like the stock market.”

The analyst claims that the majority of the speculative excesses that characterized 2021 have been drained out of the cryptocurrency market, which is now ready for a new boom. McGlone also made the following point on how the Fed’s relentless interest rate hikes will cause a deflationary recession that will ultimately benefit Bitcoin:

“I fully expect we’re going to have a pretty severe recession globally, which probably will make Bitcoin shine […] along with gold and U.S. Treasury long bonds.”

The cryptocurrency market has seen widespread adoption and success, moving up the rankings of the financial markets with Bitcoin leading the pack. However, investors have recently faced their fair share of setbacks. 

In recent years, institutional investors who were initially opposed to cryptocurrencies have changed their minds, and things are only getting better with BlackRock, the largest asset management, now launching spot Bitcoin trusts for its US clients. 

Recent events show how traditional institutions, like pension funds, hedge funds, and banks, have recently boosted their investment in crypto assets in an effort to capitalize on the anticipated growth of the alternative asset class.

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