Bitcoin Reaching $100,000 Is “Matter of Time,” Says Bloomberg’s Mike McGlone
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Bitcoin, the top cryptocurrency, is still on track to reach $100,000, according to Mike McGlone, the senior commodity strategist at Bloomberg. McGlone believes that oil prices will continue on a downward trajectory in the second half of 2022. Sinking crude is likely to signal global deflationary trends, which means that the U.S. Federal Reserve will likely stop hiking rates. According to a recent survey conducted by the Federal Reserve Bank of New York, inflation expectations have plunged in the U.S. across all time horizons.
Such macroeconomic conditions may buyo gold. McGlone has predicted that the yellow metal would reclaim the $2,000 level. At the same time, the commodity strategist is convinced that Bitcoin will start acting as a high-beta version of gold and Treasury bonds.