Bitcoin to Continue to One Up Gold, Analyst Says

Bloomberg’s senior commodities analyst Mike McGlone claims that 2022 could prove fruitful for the cryptocurrency.

Bitcoin to Continue to One Up Gold, Analyst Says

As we all know, 2022 has not been very kind to our poor friend Bitcoin. In the past few weeks, the asset has been jumping up and down on the market, as if it was strapped to a bungee rope. However, Bloomberg strategist Mike McGlone says that there is no need to worry, as the year has only just started and could prove very successful for the cryptocurrency eventually.

Yesterday, he took to his Twitter to share his thoughts on the latest developments: “Facing the Federal Reserve, inflation and war, 2022 may be primed for risk-asset reversion and mark another milestone in Bitcoin’s maturation. It’s unlikely for Bitcoin to stop outperforming gold, stock market amid bumps in the road as the Fed attempts another rate-hike cycle.”

Indeed, this past week has already brought good news for Bitcoin, as it has been trading 4.84% higher than in the previous one, with a total market cap of $778 billion, according to official Coinmarketcap statistics.

Moreover, the failed European Union vote on banning the Proof of Work algorithm that Bitcoin operates on has dissolved the fears of European-based investors who are now reassured that it is still safe to invest in this cryptocurrency.

And while Bitcoin has been following an upward trajectory, proving to be a stable enough asset against inflation, gold has been slowly falling down, falling under the $2,000 threshold again to $1,948 an ounce, establishing a downward route for the upcoming week.

It seems that things are finally turning around for the digital gold, but the majority of the investors are still cautious as not to jinx its further success. But it is undeniable that the latest BTC market developments look more than promising.

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