Speaking during an interview with Kitco News on September 17, McGlone noted that Bitcoin’s trigger for the rally would be tied to increasing adoption and demand.
Cryptocurrencies to emerge ahead
He noted that Bitcoin and cryptocurrencies in general would likely emerge top among all asset classes in the current environment. According to McGlone, cryptocurrencies carry an added advantage because they have the fastest-growing technology. At the same time, McGlone compared the current market condition to the 2000 dot-com bubble, where select assets emerged top while others crumbled. However, he pointed out that Federal Reserve policies are likely to play a key role in ending the current conditions.
Bitcoin caught up in global winter
Furthermore, the strategist noted that Bitcoin and the general crypto market have been caught up in a global winter, with digital assets forming a minor part. His stand goes against the broader market sentiment that Bitcoin is in a crypto winter. Notably, Bitcoin has been battered in 2022, with the price struggling to trade above $20,000. Additionally, McGlone commented on the chances of Ethereum (ETH) flipping Bitcoin in the near future, especially after the Merge upgrade. Interestingly, the strategist noted Ethereum might eventually take over Bitcoin but not in the current environment. According to McGlone, Bitcoin will likely become the new digital gold, but it will take time since the flagship cryptocurrency’s status as a risk asset will take time to shake off. Watch the full interview below: Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
