Bitcoin faces new ‘milestone’ in 2022 as new forecast predicts BTC price ‘in the millions’

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A Bloomberg analyst said that Bitcoin “may be ready” for a quantum leap in development due to inflation this year.

In a tweet on March 17, Mike McGlone, head of commodity strategist at Bloomberg Intelligence, released a new bullish forecast for the future of Bitcoin (BTC) in the current macro environment.

Gold will surpass Bitcoin this year “unlikely”
Famous for his belief that bitcoin has emerged from the recent global financial turmoil, McGlone claimed that inflation would eventually help bitcoin to “mature” as an asset class, claiming that it would surpass gold in terms of returns.

In the face of the Fed, inflation and war, he wrote, 2022 could be set to bring back risky assets and be another milestone in Bitcoin’s maturation.

“Bitcoin is unlikely to stop outperforming gold, and the stock market is in the middle of bumps as the Fed attempts another round of rate hikes.”
The attached chart shows the performance of Bitcoin against a basket of total assets.

Bitcoin asset chart and macro. Source: Mike McGlone / Twitter.
Expectations followed the first step when the Federal Reserve indicated that there would be a series of large interest rate increases, an event that gave a modest but welcome boost to BTC’s price action.

Ex-BitMEX CEO sees $ 1 million in BTC
However, McGlone was not alone in his predictions. Arthur Hayes, the former CEO of the derivatives exchange BitMEX, gave a sharp warning about what will happen to global financial markets in his latest Medium post.

About the topic: Which tokens should be purchased and stored in 2022? Find out now directly in the market report

He said the war between Ukraine and Russia, with increasing inflationary pressures, was symbolic, as it showed that even the central bank’s currency assets could be effectively stolen.

“You can not remove the world’s largest energy producer – and the guarantees that these raw materials represent – from the financial system without unbelievably serious and unintended consequences,” he said.

The letter, which covers a number of macro topics, expects a restructuring of the financial system where bitcoin, like stocks and commodities, will suffer heavy losses.

If you do not want to take care of your bitcoin, close your eyes, press the buy button and focus on the physical and financial security of your family. Waking up a few years after the fog of war has eased will create a situation where hard money tools will dominate globally trade completely, “Hayes wrote.

Ultimately, however, bitcoin and gold will have to play a much larger role as stocks in the face of declining participation in the US dollar and the reference euro from other governments.

Under these conditions, which he admitted will play out “in the next decade”, gold can be worth five digits per ounce, and bitcoin can be worth seven dollars.

“For one coin I count millions. My ounce of gold is in the thousands, “he continued.

“This is the volume of securities in price that will emerge in the coming years as global trade will be settled with neutral hard monetary instruments instead of debt-backed foreign currency in the West.”

Source: CoinTelegraph

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