According to a commodities expert, Bitcoin will be one of the “greatest assets on Earth” after inflation slows


Since January, Bitcoin (BTC) has lost over 35 percent of its value, making it one of the worst-performing digital assets. People are now questioning how long the crypto market has been in winter and whether or not spring is on the way.

Mike McGlone, a senior commodities analyst at Bloomberg Intelligence, told Kitco News that cryptocurrencies would outperform all other asset classes until the current weak market in risk assets ends and values recover.

A few weeks ago, when asked about what would be required to break investors out of crypto winter and to ignite a rally, McGlone said that Bitcoin was on pace for $100,000 by 2025. According to the commodities analyst:

“I believe that the big reversal is just beginning,” he says. As with the aftermath of 1929, I believe 2008 will be like the aftermath of 1987; it’s long overdue. “We’re just at the beginning of the largest inflation in 40 years in most people’s lifetimes.”

McGlone went on to say: In my opinion, Bitcoin will soon be recognised as one of the most valuable assets on the globe after we get over this first phase of uncertainty. Since a starting point, I believe gold, long-term U.S. government bonds, and Bitcoin will be the greatest investments moving forward, as I believe we are returning to a period of deflation.

Indeed, Bitcoin’s failure to adapt to inflation and other macroeconomic variables is undermining the long-term argument for the cryptocurrency.

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