Bloomberg analyst Mike McGlone is convinced that Bitcoin is on track to reach $100,000 by 2022 as it completes the risk-to-asset transition.
As the Fed plans to raise interest rates to fight inflation, risk assets such as cryptocurrencies could take a hit as people are more likely to choose to invest in interest-bearing assets such as bonds.
While this trend may present an obstacle in the short term, McGlone is confident that Bitcoin will continue to rise significantly in 2022:
“I think bitcoin is in a unique stage of going from a global store of digital value to risk-taking, replacing gold and becoming a global security. So I think it will happen this year.”
He said he sees the current downtrend as a positive sign that the market is consolidating.
The analyst is also bullish on Ethereum given its key role in providing the core infrastructure for decentralized finance and non-fungible tokens (NFTs). He is also convinced that stablecoins backed by the US dollar will be in circulation in 2022.
However, McGlone’s prospects in the broader crypto market are not very optimistic, given the large number of speculative games among altcoins.
“Simple economic rules do not favor prices in a market where there is unlimited supply and easy access. This is the cryptocurrency market.
For more information on McGlone’s crypto predictions for 2022, check out the full interview on our YouTube channel and don’t forget to subscribe! Moving from risk to risk without assets.
As the Fed plans to raise interest rates to fight inflation, risk assets such as cryptocurrencies could take a hit as people are more likely to choose to invest in interest-bearing assets such as bonds.
While this trend may present an obstacle in the short term, McGlone is confident that Bitcoin will continue to rise significantly in 2022:
“I think bitcoin is in a unique stage of going from a global store of digital value to risk-taking, replacing gold and becoming a global security. So I think it will happen this year.”
He said he sees the current downtrend as a positive sign that the market is consolidating.
The analyst is also bullish on Ethereum given its key role in providing the core infrastructure for decentralized finance and non-fungible tokens (NFTs). He is also convinced that stablecoins backed by the US dollar will be in circulation in 2022.
However, McGlone’s prospects in the broader crypto market are not very optimistic, given the large number of speculative games among altcoins.
“Simple economic rules do not favor prices in a market where there is unlimited supply and easy access. This is the cryptocurrency market.
To learn more about McGlone’s cryptocurrency predictions for 2022, check out the full interview on our YouTube channel and don’t forget to subscribe!
