Mike McGlone, Bloomberg Strategist Explains What's Crypto Has At...
Mike McGlone, Bloomberg Intelligence’s senior commodity strategist gives explanations on why crypto may have one advantage over the stock market.
Furthermore, Mike McGlone compares the S&P 500 to the MVIS CryptoCompare Digital Assets index. Of course, this monitors the performance of the 10 largest and most liquid digital assets.
So, Mike mentions the the ability of digital assets to shake out excess leverage from the system. Of course, with quick declines and rebounds is a good advantage for crypto over stock.
Then, Mike McGlone explains.
“It’s almost guaranteed that the Federal Reserve will expand easing the next time…”
“the stock market wobbles, if past patterns hold, which should solidify underpinnings for Bitcoin.”
“A cleansing of speculative excesses in 1H (1 hour) may be an advantage crypto assets have over the S&P 500.”
Then, for Bitcoin, Mike notes that BTC will continue to have a solid base. Especially, with the price of crude oil and commodities continues peak inflation.
More so, Mike McGlone adds.
“Crude oil and commodities are good indicators that peak inflation is near…”
“We believe crude is fundamentally a bear market bumping against the upper end of its…”
“price range since the 2014 plunge. Bitcoin is becoming digital…”
“collateral and part of the technology revolution.”
Furthermore, Mike McGlone then goes on to note three main components pushing driving the growth of the crypto markets.
So, Mike names Bitcoin, Ethereum (ETH), and the wide range of stablecoins “crypto dollars.”
Lastly, Mike McGlone concludes.
“Three crypto musketeers driving $3 trillion market cap…”
“– representing a better way to transact, a strengthening ecosystem and here-to-stay asset class,..”
“crypto dollars are the most significant advancing part of the digital-money revolution and the third leg of the crypto stool.”
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