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Bitcoin is prone to transition from a risk-on to a risk-off asset within the second half of 2022, because the macroeconomic surroundings is quickly shifting in direction of a recession, mentioned Mike McGlone, senior commodity strategist at Bloomberg, in a latest interview with Cointelegraph. McGlone predicted:
“ I see it transitioning to be extra of a risk-off asset like bonds and gold, then much less of a risk-on asset just like the inventory market.”
Based on the analyst, the crypto market has flushed out many of the speculative excesses that marked 2021 and it’s now ripe for a recent rally. McGlone additionally identified that the Fed’s aggressive mountain climbing of rates of interest will lead the worldwide economic system to a deflationary recession, which is able to finally favor Bitcoin:
“I absolutely anticipate we will have a fairly extreme recession globally, which most likely will make Bitcoin shine […] together with gold and U.S. Treasury lengthy bonds.”
Remember to take a look at the total interview on our YouTube channel and do not forget to subscribe!
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