Mike McGlone, a senior macro strategist at Bloomberg Intelligence, was recently interviewed by Scott Melker for the “Wolf of All Streets” podcast. Throughout the course of their talk, Mike shared his thoughts on Bitcoin.
McGlone stressed that knowledgeable investors and institutions increasingly grasp the necessity to include Bitcoin in their portfolios, and he suggested that by the year 2024, the attention would move toward a severe recession and political leanings, which will make it a perfect setup for Bitcoin.
During the course of the discussion, McGlone elaborated on how savvy investors and institutions all around the world are gradually coming to terms with the significance of incorporating Bitcoin into their holdings. In addition to that, he voiced his excitement for the years to come.
McGlone acknowledged the potential for Bitcoin to become a store of value despite the high level of volatility seen in the stock market. This potential was acknowledged as Bitcoin continues to establish itself as a worldwide digital reserve asset. He made the observation that a significant predictor of the future performance of Bitcoin would be the reaction of its price in relation to the movement of the S&P 500.
He stressed that it would be interesting to witness Bitcoin’s reaction if the S&P 500 achieved new lows and headed toward 3,000, which is where it was headed at the time. In an ideal world, the price of Bitcoin would not fall below $20,000 notwithstanding the current market conditions.
McGlone continued by discussing his long-term forecast for the price of Bitcoin, speculating that an increase to $100,000 would be possible if more strong indications emerge. Despite this, he confessed that he had a pessimistic outlook on the stock market, particularly the S&P 500, which he views as the most important indicator of risk assets worldwide. He indicated that before he could take a more bullish attitude on Bitcoin, he needs to observe how the situation develops in the stock market first.
