Bloomberg’s senior commodity analyst Mike McGlone predicts and an economic catastrophy from which gold and Bitcoin (BTC) will recover and come back stronger than ever.
Speaking with Michelle Makori on Kitco News, McGlone forecasts a “great reversion”, with a rebalancing of the financial markets and correction of risk-on assets like real estate and equities markets. He said:
“I think what’s going to happen is the great reversion. It’s just getting started. It might be like the aftermath of 1929, [but] I think it’s going to be like the aftermath of 2008 [or] maybe like after the 1987 crash. It’s so overdue, and all risk assets, everywhere from condos in Miami and Toronto to the stock market. It’s just starting to happen and the greatest inflation in 40 years and most people’s lifetime is starting that.”
The Bloomberg analyst added:
“Once we kind of get through that period, I think Bitcoin is going to become realized as one of the best assets on the planet to hold. That’s my base case.
My outlook is I think some of the best assets to own will be gold, US long bonds and Bitcoin. I think we’re going back to deflation and the best way to get deflation is to get a big spike up in prices and then flush them. That’s what we’re doing. We’re in the early days of flushing.”
Along with Bitcoin heading the crypto markets’ resurrection, McGlone said that Ethereum (ETH) has established itself firmly alongside Bitcoin. He explained that crypto sectors like stablecoins and non-fungible tokens (NFTs) mostly run on the Ethereum network and can therefore not be ruled out as a strong force to help (re)shaping the future digital economy:
“Ethereum is revolutionizing the world of fintech, of tokenization. To me, the question of what stops tokenization, you look at NFTs, most of them are based on Ethereum tokens. Now yes, there are some competitors but that shows you what’s happening in the space. That’s not going away.”
At time of writing, the top two cryptocurrencies have started their recovery with Bitcoin moving hands at $30,886 and Ethereum priced at $1,860, according to CoinMarketCap data.
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Source: Igaming
