Recently, Mike McGlone stated that Bitcoin is a wild card. According to him, BTC has the ability to outperform as soon as the traditional stocks finally bottom out. In fact, at present BTC is experiencing one of the worst bear markets in history. In the recent past, BTC passed the $25,000 mark briefly. After that, the price kept dropping. In fact, very recently the BTC price went down below $20,000. At the time of writing this article, the price of Bitcoin stands at $20643.64.
Therefore, in such a scenario, the comparison of BTC to wild card seems interesting. Mike posted on Twitter and Linkedin, this Wednesday. In the posts, Mike claimed that Bitcoin Bitcoin is a wild card that has the ability to overturn the ongoing trend. If you wish to learn more about the comment of Mike McGlone, then this article is the perfect stop for you. Keep reading this article to know more about Mike’s claims.
The Comment By Mike McGlone
We already know that on Wednesday, Mike posted on Twitter and Linkedin. There he stated that the action of the United States Federal Reserve will determine the fate of the stock market. However, according to him, Bitcoin is the wild card that can override the current trend. As per his views, BTC is more than ripe to “outperform when stocks bottom”. However, the transition is more like bonds and gold.
Mike further added that Bitcoin is destined to rebound from the bear market. He affirms that this is true even amidst a strong tendency toward high-risk assets. In his posts, he added that Bitcoin will follow a trend similar to gold and bonds. On the other hand, according to him, Ether is likely to possess more correlation with stocks.
The Federal Reserve has intensified quantitative tightening at a time when we have seen major interest rate hikes. In fact, the 27th of July witnessed a 75 basis points increase.
Concluding Lines
We do not know when the tightening of the Fed will end. However, according to a report from Bloomberg, this will happen in 2023. In spite of Mike’s bullish outlook, other analysts believe the contrary. According to them, there is more correlation between equity markets and Bitcoin. Therefore, to them, Bitcoin might not be a wild card. However, this comment by Mike McGlone is likely to excite the BTC enthusiasts greatly.
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