Bitcoin (BTC) ($BTC) Is Trading at ‘Extreme Discounts’, Reveal Bloomberg Analyst

1 min


Bloomberg commodity strategist Mike McGlone has recently stated that  (BTC) ($BTC) and United States bonds are both has decreased to “ discounts” amid the Reserve’s hawkish moves to tame inflation.

As reported by a tweet McGlone shared with his over 50,000 followers on the microblogging platform, he believes the world’s “most speculative, excessive and safest assets,” which he deemed to be Bitcoin and United States T-bills, are now currently worth extreme discounts.

Year-to-date bonds, stocks, and digital currencies have all plunged while commodity prices rose over macroeconomic factors and ’s invasion of . The analyst pointed out that as the Federal Reserve keeps interest prices, investors can expect further corrections down the road.

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Regardless BTC’s poor performance year-to-date, McGlone has recently reiterated he believes that the price of the digital currency will hit the $100,000 mark. Per the analyst, it’s a “matter of time” until Bitcoin (BTC) reaches 6 figures.

Commenting during an on Bitcoin at present around the $19,000 mark, the analyst stated prices right now are “very low” and that he believes in the future investors will look back at Bitcoin at these levels “like we look back at the at the lowest in 2002.”

Per the analyst, after going through a period of “just a little bit of cleansing of the excesses of excess, we’re going back to a world where number one, the United States is completely dominant.” As CryptoGlobe reported, McGlone has been predicting  Bitcoin will hit $100,000 by 2025 for months now,

The analyst is likewise “bullish” on gold as he believes that once we see a little peak in long bond yields, a little end of all these hiking expectations from the Fed,” gold will start to take off. Silver, he added, will underperform in the short term.

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McGlone has notably accurately predicted in November 2020 that the price of Bitcoin would surpass its $20,000 mark and enter a rally in 2021.   A year ago, Bitcoin reached a new all-time high near the $69,0000 mark before enduring a significant correction.

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