Bitcoin more likely to transition to a risk-off asset in H2 2022, says Bloomberg analyst

Bitcoin is more likely to transition from a risk-on to a risk-off asset within the second half of 2022, because the macroeconomic setting is quickly shifting in the 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.”

In keeping with the analyst, the crypto market has flushed out many of the speculative excesses that marked 2021 and it’s now ripe for a contemporary rally. McGlone additionally identified that the Fed’s aggressive climbing of rates of interest will lead the worldwide economic system to a deflationary recession, which can in the end favor Bitcoin:

“I absolutely count on we will have a fairly extreme recession globally, which most likely will make Bitcoin shine […] together with gold and U.S. Treasury lengthy bonds.”

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